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Level Up! Inc.

Level Up! Inc., also known as Level Up! Philippines, was a live service game publisher in the Philippines that operated the gaming portal Level Up!. It was established in 2002 and became the first live service publisher in the country that operated officially licensed games when online gaming was limited to non-commercial groups running private servers on games like Ultima Online.

The company was bought out by Thailand-based Asiasoft Corporation (now known as Asphere Innovations PCL) in 2014. Asiasoft later sold the entirety of Level Up! Inc. to an undisclosed third party in 2017 due to a tax dispute of the latter with the Philippines' Bureau of Internal Revenue.

Level Up! Inc. should not be confused with Level Up! International Holdings Pte. Ltd., the former's parent holding company, established live service gaming ventures in Brazil and India.

SEC Philippines information

Level Up! Inc. was registered on July 24, 2002, under the SEC number CS200251392.

History summary

  • 2002: Level Up! Inc. (LUI) was founded in the Philippines.
  • 2003: Ragnarok Online, a widely popular game, was released. LUI has a first-mover advantage.
  • 2004: Philippine company ePLDT, Inc. founded competing publisher netGames Inc.
  • 2005: Major Philippine competitor IP E-Game Ventures Inc. (IP E-Game) was founded.
  • 2006: ePLDT acquires majority ownership of LUI from Level Up! International Holdings Pte. Ltd. (LUIH), LUI's parent company. ePLDT's operations under netGames were merged with LUI.
  • 2011: ePLDT sells its ownership of LUI back to LUIH. LUIH founded the Philippine company Playweb Games Inc. as a proxy publisher of Level Up! games.
  • 2012: LUIH and IP E-Game agree to merge live service operations. LUI is now 30%-owned by IP E-Game and 70%-owned by LUIH.
  • February 2014: Thailand holding company Asiasoft Corporation acquired a 100% stake in LUI from LUIH and IP E-Game for US$4.2 million. Playweb Games Inc. was re-established as PlayPark Inc. and continued to operate. LUI owned 40% of PlayPark Inc.
  • May 2014: The Philippines' Bureau of Internal Revenue (BIR) Makati District began examining LUI's accounting records. The BIR found LUI had a value-added tax deficiency of nearly ₱15 million for the year ending December 2012.
  • August 2017: LUI received a warrant of distraint from the BIR and began disputing the claim. Asiasoft decided to purchase 40% of PlayPark Inc. from LUI. Asiasoft determined that LUI has a contingent liability and is looking to sell the company to a third party.
  • June 2018: Asiasoft purchased 40% of PlayPark Inc. from LUI for ₱3.6 million.
  • October 1, 2018: Asiasoft sold 100% of LUI to an undisclosed third party for US$1.
  • December 6, 2018: BIR Makati promulgated its decision over the petitions and ordered LUI to pay over ₱23 million in unpaid taxes, which included surcharges and interests.

History

Early beginnings: 2002 to 2006

Level Up! Inc. was established in 2002 to become the first online game publisher in the country. The startup published OZ World, the first locally-published online game in the country, followed by Ragnarok Online, the first MMORPG, in 2003. While other game publishers were established following Level Up!'s success, the company remained the uncontested market leader. It was estimated that Level Up! controlled 80% of the online gaming market by 2006.

Level Up! Inc.'s parent company was established and incorporated in Singapore as Level Up! International Holdings Pte. Ltd. (LUIH). LUIH also established live service publishing subsidiaries in Brazil and India using the Level Up! brand.

ePLDT ownership and IP E-Game: 2006 to 2011

In February 2006, ePLDT, Inc., owner of netGames Inc., bought a majority stake in Level Up! Inc. from LUIH. The new ownership resulted in the merger of netGames and the Level Up! brand.

During that time, IP E-Game Ventures Inc., a start-up live service game publisher which operated the E-Games portal, launched commercially in March 2006, and would eventually be Level Up!'s major competitor on the market.

LUIH ownership, Playweb Games and merge with E-Games: 2011 to 2014

By 2010, the live service gaming industry for PC was already showing signs of decline with the rise of mobile gaming.

ePLDT sold its entire interest in Level Up! Inc. on July 11, 2011. On September 1, 2011, it was announced that LUIH had re-acquired the ownership shares from ePLDT, Inc., and that Level Up! Inc., effective that day, would sub-license all of its games to a new Philippine live service publisher, Playweb Games Inc.[1]

On February 14, 2012, as the PC live service gaming market in the country continued to weaken, an agreement was signed between IP E-Game and Level Up! Inc. to merge both of their live service gaming operations. The agreement states that most of IP E-Game's assets and games would be transferred to Level Up! Inc. and the publishing operations would be merged into Playweb Games. In exchange, IP E-Game would receive equity in Level Up! Inc., a commercial interest in Playweb Games, and cash consideration. The agreement was completed on March 30, 2012.

Asiasoft ownership: 2014 - 2018

In February 2014, the entirety of Level Up! Inc.'s stocks were bought by Asiasoft - 70% from LUIH and 30% from IP E-Game. It expanded Asiasoft's market directly in the Philippines.

Playweb Games Inc. was re-established as PlayPark Inc., and the Level Up! brand would eventually be phased out in 2015 in favor of Asiasoft's own PlayPark portal. Level Up! Inc. owned 40% of PlayPark Inc.

Reference

  1. Level Up! Inc. Sub-licenses Games to Playweb Games Inc.. September 1, 2011 at 12:30AM. Cho. Level Up! news. Retrieved on 2023-12-05.

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