Sony announced it entered into an agreement to acquire cloud-based gaming company Gaikai Inc. for $380 million.

"By combining Gaikai’s resources including its technological strength and engineering talent with SCE’s extensive game platform knowledge and experience, SCE will provide users with unparalleled cloud entertainment experiences,” said Andrew House, president and group CEO of Sony Computer Entertainment Inc.

“SCE will deliver a world-class cloud-streaming service that allows users to instantly enjoy a broad array of content ranging from immersive core games with rich graphics to casual content anytime, anywhere on a variety of internet-connected devices.”

Gaikai was founded in 2008. How the service will be integrated into PlayStation Network and other applications in the future were not revealed at this time.