The acquisition follows the recent merger between WeMade and Joymax, as well as the key partnership with Korea's #1 First-Person Shooter game development studio, Dragonfly.

Founded in 2001 and specializing in the action genre of online games, IO Entertainment is best known as the developer of Lost Saga & Survival Project. IO Entertainment's Lost Saga launched in Korea in February 2009, and is currently played throughout North America and Taiwan. The game will be available in Indonesia, Thailand and European countries within the year, and its major launch in Japan is just around the corner.

Lost Saga has enjoyed great success in Korea this last year with a growth in sales and concurrent users of 200% and 150% respectively compared to the previous year, both breaking records every month. Moreover, with its serial global launches planned this year, Lost Saga is expected to bring an even bigger revenue share.

By acquiring IO Entertainment and its globally profitable and popular online game products, Joymax expects to see a significant growth in both its revenues and its game communities in 2011.

"We are very excited about the acquisition of IO Entertainment," said Joymax CEO, Nam Cheol Kim. "Joymax is blazing new trails, with the recent merger with WeMade Entertainment, the recent partnership with the world's top FPS developer, Dragonfly, and now the acquisition of one of the most talented action-game development studios, we have a very bright future ahead for our global company and our community of players."

"Now that Joymax will assume all the business roles of our products including planning, management and marketing, we can now focus solely on developing the very best games we can make which will continue to excite players worldwide," said IO Entertainment CEO, In Joong Kim.

Lost Saga and Survival Project, as well as upcoming IO Entertainment-developed titles, will join and help to further strengthen the already powerhouse combination of the WeMade MMORPG lineups and the Joymax first-person shooter portfolio which will all be serviced on the Joymax global service platform.