OnLive has sold its assets to a newly formed company with 'substantial funding', it has revealed.
In a statement to Develop, the cloud gaming company said it will continue to operate its streaming services as well as support all of its apps and devices.
The name or the exact nature of the new firm was not revealed.
Other details however such as why staff were laid off and how many were also not disclosed, but it said it was hiring a large percentage of staff across all departments at OnLive.
The statement also said it would be hiring "substantially more people", including additional OnLive employees despite the layoffs.
There is expected to be no interuption of its streaming service during or after the transition to the new firm.
“We can now confirm that the assets of OnLive, Inc. have been acquired into a newly-formed company and is backed by substantial funding, and which will continue to operate the OnLive Game and Desktop services, as well as support all of OnLive’s apps and devices, as well as game, productivity and enterprise partnerships,” read a statement from the firm.
“The new company is hiring a large percentage of OnLive, Inc.’s staff across all departments and plans to continue to hire substantially more people, including additional OnLive employees. All previously announced products and services, including those in the works, will continue and there is no expected interruption of any OnLive services.
"We apologise that we were unable to comment on this transaction until it completed, and were limited to reporting on news related to OnLive’s businesses. Now that the transaction is complete, we are able to make this statement.”