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Funworld, the Austrian maker of gaming hardware and software, has been acquired by technology group Quanmax after declaring insolvency.
The new owner, a fellow Austrian firm which operates under a range of brands outside the gaming sector, said it would make no dramatic changes to the Funworld business.
But it predicted that Funworld would benefit from synergies in support and logistics, as well as from Quanmax's research-and-development capability.
“In Funworld we are welcoming an especially innovative well-known business unit with a great deal of development competence into our group”, said Quanmax chairman Hannes Niederhauser.
“Funworld fits in outstandingly well with our overall concept and now provides the opportunity to expand with innovation in an efficiently managed environment, and to push ahead with the business model developed so far,” he added.
With liabilities of ¤26.7m offset by assets of just ¤2.9m when it went into insolvency, Funworld had blamed falling sales caused by poor economic conditions, especially in Greece, and the cost of new products. The Quanmax deal also covers Funworld's Italian subsidiary.
