Square Enix is a Japanese based video game developer formed in 2003 when companies Square Co. and Enix merged. Prior to the merger, Enix was financially stable, though the same could not be said for Square, a company that was quickly loosing money due to their unsuccessful movie venture and the creation of an online service for Final Fantasy XI. Square's president, Yōichi Wada, remained at his position of the new merger. The merger is perhaps most notable because of the franchises that each company owned - Square had Final Fantasy series, Chrono Trigger and the Mana series, while Enix had Dragon Quest, the Valkyrie series, and the Star Ocean series. On August 22nd, 2005 Square Enix announced the purchase of Taito, while on April 22nd, 2009 Square Enix purchased Eidos.