Latino social network pays $4m for Brazil's biggest dev

Quepasa.com, billed as the Latin American Facebook, has paid $4 million for Brazilian developer XtFT Games - self-proclaimed as the country's biggest games studio.

Quepasa currently enjoys 27.2 million users, and in recent times has grown at a rate of around 2 million per month.

The purchase of XtFT (and its social game subsidiary TechFront) means it can license games to other networks and platforms.

Said John C. Abbott, CEO of Quepasa, "The addition of TechFront's talented team provides Quepasa with the means to offer and monetize culturally relevant social games to our Quepasa.com member base and other audience networks, like Orkut and Facebook, and eventually to mobile users across Latin America."

TechFront has also worked on games for other markets, including the US.

Quepasa shares rose around 10 per cent following news of the acquisition.