In a cash and equity deal, the Swedish based Modern Times Group (MTG) has acquired Indian game developer company PlaySimple, the deal has been reported to be worth over $360 million.
The acquisition of PlaySimple will see MTG strengthen their grasp in the casual game’s genre. PlaySimple in the past year grew their revenue by 144 per cent to $83 million with this momentum continuing in 2021, they say their estimate their revenue increase by 82 per cent.
With the acquisition of PlaySimple, the figures of revenue are bound to go up as the outreach of the company spreads on the global market, also marking an important milestone in the development of a global gaming community. It is reported that MTG will pay 77 per cent of the acquisition sum to play simple in cash and the rest in the form of shares.
The deal is said to be one of the largest exits in the Indian start-up system, PlaySimple whose games have recorded 75 million installs to date and regularly maintaining 2 million daily active users is one of the biggest Indian game developers and the acquisition will help them even further in expanding their global outreach, not only it will impact and be beneficial for PlaySimple, but it will also reap good results for MTG.
PlaySimple’s co-founder Siddharth Jain said, “We’re delighted to join the MTG family, MTG’s approach to investments offers us creative freedom, and the opportunities created by the GamingCo really resonate with our team. We’re excited to have found a new home for our company, one where our team can learn and grow alongside our fellow companies.”
The acquisition will help boost the revenues of both the companies and make a name for themselves in the gaming market.