Embracer Group, a Swedish video game holding company based in Karlstad, agreed to acquire IUGO Mobile Entertainment, a Canadian mobile Free-to-Play game developer. Financial terms were not disclosed. "This is an exhilarating time for mobile games and we are thrilled to join the Embracer Group. We have strong alignment in core values and share common strategies in long term thinking and planning. IUGO is devoted to creating great mobile game experiences and this collaboration will propel us to play an even bigger role in the industry," Hong-Yee Wong, IUGO Mobile Entertainment Founder and President.