OnLive Still Lives, Is Now Part of a Newly-Formed Company

OnLive, the popular cloud gaming company, will continue to exist although part of a new company. This is despite some rather nasty reports that appeared over the weekend, claiming it would declare bankruptcy or that it was going to be acquired by a mysterious buyer.

OnLive came onto the scene many years ago and promised that, through its proprietary cloud gaming technology, customers would be able to play all sorts of titles in the cloud on its servers and have the gameplay streamed to their device, whether it was a desktop PC, a laptop, or a tablet.

The company seemed to be doing quite well, offering through its OnLive digital distribution service a variety of games and experiences.

Sadly, as we heard over the weekend, things weren’t that great at OnLive, as the company was close to declaring bankruptcy on Friday night, only to be acquired by a mysterious buyer, according to several reports.

Now, OnLive has made a statement about the problems, confirming that it’s been incorporated into a newly-formed company.

"We can now confirm that the assets of OnLive, Inc. have been acquired into a newly-formed company and is backed by substantial funding, and which will continue to operate the OnLive Game and Desktop services, as well as support all of OnLive's apps and devices, as well as game, productivity and enterprise partnerships,” OnLive revealed.

"The new company is hiring a large percentage of OnLive, Inc.'s staff across all departments and plans to continue to hire substantially more people, including additional OnLive employees. All previously announced products and services, including those in the works, will continue and there is no expected interruption of any OnLive services.”

The company justified its lack of communication by the confidentiality that was required until the move was official.

"We apologize that we were unable to comment on this transaction until it completed, and were limited to reporting on news related to OnLive's businesses. Now that the transaction is complete, we are able to make this statement."

As of yet, it’s unclear just who the mysterious buyer is and how many employees have been laid off during the acquisition process.

Via: OnLive Still Lives, Is Now Part of a Newly-Formed Company