David Gosen, currently CEO of I-play, will lead Oberon Media’s mobile games business worldwide.
Oberon has also secured additional funding from existing and new investors, including Goldman Sachs, Oak Investment Partners and Lehman Brothers.
The newly combined company will be home to more than a thousand games, including Agatha Christie - Death on the Nile, Dream Day Wedding and The Fast and The Furious, the latter of which has generated more than seven million downloads.
The plan now is to stretch those properties across mobile, online and interactive TV formats.
Together, Oberon and I-play have global distribution partnerships with more than 350 partners. I-play is Oberon's third acquisition in the mobile games space, having already snapped up Blaze and Cmate.
Tomer Ben-Kiki, CEO of Oberon Media, said: "This acquisition strengthens Oberon Media’s multi-platform strategy and we are now positioned as the undisputed leader in one of the hottest growth markets: mass-market casual games."
I-play CEO David Gosen added: "Oberon Media and I-play are a perfect strategic fit, sharing the same casual philosophy and consumer-centric approach to the games market. I-play brings some of the most successful game franchises on mobile, deep global distribution and powerful proprietary technology."