IAC has acquired a majority of GarageGames’ equity, and GarageGames’ management team will continue to lead the business as it builds out the InstantAction network.

InstantAction will also launch a Game Development Fund aimed at fostering a new generation of game development for the internet. Introducing new technology which allows graphically rich, networked games to run in popular web browsers with no download installation, InstantAction.com will enable easy access to singleplayer and multiplayer games with core-oriented mechanics and high-end visuals.

“We've been looking at the video game sector for years and it wasn't until we found GarageGames and their idea for InstantAction.com that we believed IAC could participate in a true internet innovation in online gaming,” said Barry Diller, CEO of IAC.

GarageGames’ CEO and CTO Josh Williams appointed Andy Yang of IAC to spearhead the InstantAction network earlier this year. GarageGames was founded in 1999 and created the Torque Game Engine, the leading platform for independent game development. GarageGames also created Marble Blast Ultra and its industry veteran founders led the development of the popular team-based action game Tribes.

“Working with IAC, we are now able to truly fulfill our vision to enable developers both large and small to deliver innovative ideas on an exciting new accessible platform for gamers,” says Williams. “The InstantAction Fund will invest in talented teams who want to bring high-quality action gaming to everyone in the world through the internet.”

The InstantAction.com site is now live and accepting registrations for early access to its private beta and is expected to launch to the public in early 2008. Its initial portfolio of original core-oriented games from high-profile studios and newly discovered game development talent will be announced in the coming weeks.