- Briefing Your roundup of Asian tech and startup news that matter
Miguel Cordon · · 1 min readSwedish gaming major acquires India’s PlaySimple for at least $360m
“Swedish gaming giant Modern Times Group has acquired Indian startup PlaySimple for at least US$360 million,” TechCrunch reported.
Details:
- The Indian developer will get 77% of the acquisition amount in cash, while the remaining amount will be paid via company shares. There’s also a reward worth US$150 million if PlaySimple hits specific metrics, which the companies did not disclose.
- PlaySimple said it will expand into the European market and invest in technology to create new games.
Context:
- The announcement comes after PlaySimple’s revenue jumped 144% year on year to US$83 million in 2020. It’s also set to generate over US$60 million in revenues in the first half of 2021.
- PlaySimple, which currently offers word games, has gained a total of over 75 million installs and is planning to develop card games next.
Editing by Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
