Square Enix Shuts Down Cloud-Gaming Company Shinra Technologies

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Square Enix has announced they’ve shuttered Shinra Technologies, their cloud gaming subdivision that was first launched in 2014.

Both the New York-based Shinra Technologies and the Tokyo-based Shinra Technologies Japan will be dissolved and the estimated liquidation date for both companies are March 31st, 2019 and June 30th, 2016th, respectively.

According to Square Enix, the reasoning behind the companies being shut down is as follows:

“As a cloud platform operator, [Shinra] has been trying to raise funds necessary for further business operations from third party investors. However, [Shinra] has found no prospective investors at this point, and therefore has to discontinue its business.”

Square Enix also noted they’re going to report an “extraordinary loss,” totaling nearly two billion yen (roughly $16.8 million) in their financial results for the fiscal year (which ends on March 31st, 2016).

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