Who’s next on Zynga’s acquisition list?

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A week out from its Q1 earnings call, Zynga is talking about making more multi-million dollar acquisitions on the order of OMGPOP’s $180-million buy last month. Who could Zynga buy and where can they be found?

If Zynga really has a $1.8-billion war chest, then it can afford to shop strategically for studios that will provide games with long shelf lives or services it can integrate with its own games platform in the long term. While the OMGPOP buy was all about doubling its mobile footprint and cross-promotion network, we think the next acquisition will be more about compensating for Zynga’s weaknesses.

One place where Zynga is not weak is Facebook; its games have had a death grip on at least five out of the top 10 games on our AppData rankings charts for almost two years. Off-Facebook, however, Zynga is still figuring out mobile — particularly Android — and its Zynga.com games platform is young and fragile. It seems like the next major buys will be aimed at shoring up these parts of the business.

Editor’s Note: Some obvious choices in social and mobile are left off this list because we’ve heard that these studios already received and rejected acquisition offers from Zynga. They could always come back to the table in the future, but as far as we know, they’re not in M&A talks at this time.

Mobile

Zynga has made it clear it’s looking to mobile for expansion. But why invest in another iOS developer when it could get an Android expert? Google Play may not monetize as well as iOS, but Amazon’s Appstore is an Android variant that is doing extremely well — which tells us it’s not the platform itself that has issues.

In the long term, investing in established Android developers is a good idea for Zynga because the platform not only has a size advantage in the U.S., it’s also more popular in emerging markets like China and Korea. An Android developer with international appeal will help Zynga expand its userbase out from its North American hub. An Asian developer could also help Zynga’s Japan and China studios gain better footing in the lucrative South Korean and Japanese mobile markets.

Finally, while Zynga does casual well, it might also look to pick up a more core-focused developer to help it expand its established user-base beyond casual-social players.

Using that line of thinking, here are the mobile developers Zynga might consider:

Gamevil — The South Korean company currently has two games in the top 50 of the Android top grossing charts, plus a larger catalog of popular games. It also has a market cap of US$326 million, which makes it seem expensive, but that’s far less than what Zynga was reportedly willing to pay for Rovio.

DroidHen — This is the Sequoia Capital-backed company behind Android’s current top-grossing title, Defender II. For the past few months it’s been rare not to see a DroidHen game somewhere on the top of the Android charts.

Creative Mobile — This Estonian developer’s sports-themed Drag Racing games have been solid hits and the company currently has the No. 4 top grossing Android app. Given the small size of the studio, Zynga could likely make the purchase at a fairly low price.

Social

For social game studio acquisitions, Zynga is likely looking in two different directions: Asia and the West. While an experienced studio like Hoolai Games or Happy Elements would help Zynga break into or amplify its presence on Asian games networks like Tencent or Mixi, a Western acquisition would be more about finding talent than anything else.