The acquisition did not affect the operations of Phoenix Labs or Dauntless, but helped Garena expand its international presence. In January 2021, Garena acquired Vancouver-based Phoenix Labs, the developers of Dauntless. Li personally owned 20% shares, and Chief Technology Officer, Gang Ye, 10%. It was followed by Blue Dolphins Venture, established by Forrest Li, for 15%. Before the IPO, Tencent was the major shareholder of Sea Limited, for around 20% of outstanding shares and is currently at 18.7%. In October 2017, Sea Limited filed for an initial public offering on the New York Stock Exchange (NYSE) and aimed to raise US$1 billion. However, Garena was retained as a brand name of Sea Limited (aka Sea Group). In May 2017, Garena was renamed to Sea Limited. In March 2015, the Ontario Teachers' Pension Plan (OTPP), one of the largest pension funds in the world, invested in Garena, valuing the company at over US$2.5 billion. In 2014, the World Startup Report valued Garena as a US$1 billion internet company and ranked it as the largest internet company in Singapore.
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In 2012, it launched its first product, Garena+, an online game and social platform for people to discover, download and play online games. The same month, the "Dominion" game mode for Garena's League of Legends players in Singapore and Malaysia. Duke of Mount Deer was created by several top online-gaming experts from China and South Korea and has gained much popularity in China. The game combines a classic Chinese story with the latest 3D rendering technology and cinematic quality graphics. The game was the first MMORPG game available through Garena+. In December 2011, Garena announced their collaboration with online games developer, Changyou, to publish and operate the popular 3D martial arts game, Duke of Mount Deer, in Taiwan. In November 2011, Garena announced its publishing rights for the team-based shooter game, Firefall, in Southeast Asia and Taiwan.
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In 2017, it released Free Fire, which had over 150 million daily active users globally as of May 2021.
The company distributes game titles on Garena+ in various countries across Southeast Asia and Taiwan, including the multiplayer online battle arena (MOBA) games League of Legends and Heroes of Newerth, the online football (soccer) game FIFA Online 3, the first-person shooter game Point Blank, the mobile MOBA game Arena of Valor and the mobile racing game Speed Drifters.
It is the digital entertainment arm of parent company Sea Ltd, which was formerly named Garena. Garena is a Singaporean game developer and publisher of free online games.
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