Nexon Buys VC-Backed Gamer NDoors

Nexon Corp. has acquired a 67% stake in online game developer Ndoors, from shareholders that include VC firm Walden International (13% stake).


Walden International (“WI”) is pleased to announce its successful exit from its investment in Ndoors Corporation (‘Ndoors’). In May 2010, Nexon Corporation (‘Nexon’), a major developer and publisher of online games, acquired a 67% stake in Ndoors from its major shareholders and WI.

Headquartered in Seoul, South Korea, Ndoors develops and publishes MMORPGs (‘Massively Multiplayer Online Role-Playing Games’). Walden International invested in Ndoors in 2005, and held a 13% stake in the company prior to its acquisition by Nexon.

Ndoors develops free-to-play online games. Notable titles include Atlantica Online, a unique 3D turnbased
strategy MMORPG and Goonzu, a 2D fantasy MMORPG. Revenue is via sale of virtual items and upfront licensing fees from publishers. Game titles have been published in more than 10 countries.

Ndoors has presence in Japan; China; United States and Germany, with group headcount in excess of 300

“Ndoors has grown its game portfolio since our investment, and has recently expanded into the international markets. Its world class team has achieved excellent financial performance,” commented Hock-Voon Loo, a Managing Director of WI and a former non-executive Director of Ndoors. “South Korea is a leader in the global online and mobile gaming industry. We are extremely happy with our investment returns in the gaming sector and in Korea.”

Com2uS Corporation (KOSDAQ: A078340) is another of WI’s successful investment in the gaming sector in Korea. Com2uS is a leading developer of mobile games. It was listed on KOSDAQ in July 2007. Another WI portfolio company, MNTECH Co., Ltd (KOSDAQ: A095500) also listed its shares on KOSDAQ in October 2007. MNTECH is engaged in the manufacture of optical films used for LCD panels.

About Walden International
WI is a leading international venture capital firm that provides investors access to cross-border, IT opportunities with the advantage of an unrivaled Pan Asia network since 1987. The firm’s funds total over US$1.9 billion in committed capital. WI’s investments include Creative Technology (SGX: CREAF SP), MindTree Consulting (BSE: MTCL IN), SINA (NASDAQ: SINA), Semiconductor Manufacturing International Corp. (NYSE: SMI and HKSE: 0981.HK), WebEx (acquired by Cisco). For more information, please visit

About Ndoors Corporation (“Ndoors”)
Founded in 1999, Ndoors Corporation is a developer and publisher of MMORPGs (‘Massively Multiplayer Online Role-Playing Games’). It is headquartered in Seoul, South Korea. Ndoors strives to develop online games that are distinctive and its game titles have won numerous awards in South Korea and overseas. For more information, please visit