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Zynga and OMGPOP
In what is probably the most "WTF" of all mergers and acquisitions that took place in 2012, none made more sense than Zynga's $200 millon cash purchase of OMGPOP, the publisher of DrawSomething!, a popular game for iOS and Android devices.
You'd think that OMGPOP would have other assets worth $200 million besides a single game that had questionable monetization value to Zynga, but no, they did not.
With this splurge purchase, Zynga ended up erasing all of its profits for CY2012 and having to cut about five percent of its workforce. And it's questionable as to whether or not the company was able to retain its DrawSomething! userbase as a result of the acquisition.