Gamasutra is reporting that Chinese publisher Perfect World Entertainment has snapped up Cryptic Studios. Cryptic was recently put on the market by Atari and is the development studio responsible for Champions Online and Star Trek Online. PWE acquired 100% equity in Cryptic for $50.3 million.

Michael Chi, chairman and chief executive officer of Perfect World, said of the move, "This strategic acquisition will add attractive game titles to our portfolio, which will help us further penetrate into the U.S. and global online game markets."

"More importantly, Cryptic Studios' highly reputable development team and its technology platform will further strengthen our well-established R&D capabilities. We deem this as another noteworthy achievement of our global expansion efforts."

Read more at Gamasutra.