Casual games publisher PopCap raises $22.5 million
PopCap Games, a developer and publisher of casual video games, announced on Tuesday that it has raised $22.5 million in its first round of outside financing, led by Meritech Capital Partners.
Electronic Arts Inc , the video game publisher, is buying PopCap Games in a deal worth up to $1.3 billion as it tries to ramp up its social and casual games portfolio and better compete with Zynga Inc. As part of the deal, EA said it will pay about $650 million in cash and $100 million in common stock upfront for the maker of the popular video games ``Bejeweled'' and ``Plants vs. EA could pay up to an additional $550 million if PopCap reaches certain performance targets in about two years.