September 18, 2020 - Stillfront Group has acquired Zagreb company Nanobit for at least $100 million (or 1 billion kuna).
Index.hr reports that Nanobit has become part of the Swedish Stillfront Group, one of the world's leading gaming companies in the free-to-play segment. The transaction will be conducted in two tranches, with Stillfront initially buying a 78% stake for $100 million. After two years, Stillfront will buy the rest of the stake in Nanobit at a price that will depend on Nanobit's earnings before interest, taxes, and depreciation (EBITDA) in 2021 2022. The total amount Stillfront will pay at the end of the transaction will be up to $148 million, adjusted for the cash balance.
Stillfront is a leading free-to-play company that brings together 14 gaming studios around the world. It employs more than 800 people, and its main markets are the US, Germany, the Middle East and North Africa, and France and Canada. Headquartered in Stockholm, the company is publicly listed on the Nasdaq First North Premier Growth Market. Their rich portfolio of games is characterized by loyal users and games currently for many years.
Nanobit was founded 12 years ago in Zagreb by Alan Sumina and Zoran Vucinic without capital, without an office, and with only two computers. Today, Nanobit is present with its games in more than 150 countries worldwide, employs 125 highly educated employees, and is one of the most desirable Croatian employers. Nanobit games have been downloaded more than 145 million times in total, and are played by over 10 million active players from all continents of the world monthly. The most popular games are My Story, Hollywood Story, and Tabou Stories.
The world's most influential media have ranked Nanobit on the list of fastest-growing companies in Europe for many years. This year alone, Nanobit has localized its games in as many as six new languages, namely German, French, Spanish, Italian, Russian, and Japanese, and standard English, thus penetrating more than 15 new markets.
Today, Zagreb is the global center of one of the fastest-growing industries in the world, points out Alan Sumina and Zoran Vucinic from Nanobit.
"The mobile gaming industry is growing rapidly and globalizing, and if we want to remain No. 1, we must move forward. By joining the Stillfront Group, Nanobit gains additional momentum that will allow us to continue growing and developing new ambitious plans and projects. It is quite natural, given that we are in a position to choose a strategic partner, to choose the one that fits into our culture and long-term vision. All those qualities that we nurture internally - entrepreneurial spirit, independence, and innovation - we saw in the Stillfront Group's leadership.
We look forward to working with other successful studios within Stillfront, which will further accelerate the development of both Nanobit and Stillfront Group, and our employees will have the opportunity to work with the best in the world," said Alan Sumina and Zoran Vucinic.
Nanobit will continue to operate as before but is now owned by the Stillfront Group. The headquarters remain in Zagreb, and the company will continue to implement ambitious development plans in the future.
"By acquiring a talented team at Nanobit, Stillfront is expanding into the narrative lifestyle gaming genre, further strengthening its gaming portfolio and increasing reach with a gaming audience. Over the past 12 years, Alan and Zoran, together with their team at Nanobit, have built an impressive gaming studio with a solid niche in the exciting genre of lifestyle games. We look forward to working with them to take the company to the next level. The core gaming portfolio has achieved impressive growth over the past year. We see strong growth potential in the future, including promising new games in development," said Jörgen Larsson, CEO of Stillfront.
The sale is expected to be finalized by September 30, 2020.
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