Speaking at the UBS Annual Global Media Conference, Ubisoft CFO Alain Martinez admitted that Atari took Cryptic from under its nose - but that the firm is working on another three studio buys.
"We lost one deal which we were a bit mad [about]," he said. "We lost Cryptic; it's a US company that was taken by Atari... we were a bit disappointed."
He added: "We have about three deals within [the] five million euro range that we are negotiating," said Martinez. "Most probably, one or two of them will be closed in the next three or four months."
MMO developer Cryptic Studios was sold to Atari this week.
More on Gamasutra.