October 19, 2021

Angry Birds maker Rovio to buy hyper-casual studio Ruby Games

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Angry Birds maker Rovio Entertainment has agreed to acquire hypercasual game studio Ruby Games, a Turkish studio that is the creator of the hit game Hunter Assassin.

The move reflects one of the hottest trends in mobile gaming as gamers focus on titles that don’t require a lot of attention, and it’s another big endorsement for the mobile gaming ecosystem of the. Turkey. Rovio is also joining an unprecedented wave of acquisitions in the gaming industry that saw $ 50.2 billion invested in games in the first half of 2021.

The purchase price will be executed in stages as Ruby Games hits certain milestones. Rovio will buy 20% of Ruby’s shares for $ 10 million in the second half of 2021. In October 2022, it will also acquire 50% of Ruby’s shares for a price that depends on Ruby’s financial performance over the previous 12 months. This price will not exceed $ 80 million. This will be paid in 60% in cash and 40% in Rovio shares. The remaining 30% of Ruby’s shares will be purchased in five equal steps over the next five years with at least 50% in cash, with the price depending on Ruby’s financial performance.

The shift to hyper-casual echoes the moves of large mobile game companies such as Zynga, which acquired Turkish company Rollic Games for $ 168 million. Ruby Games’ Hunter Assassin was the sixth most downloaded game in the world in 2020, the company said.

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Ruby Games released four hypercasual games in 2020 and three new games so far in 2021. The recently launched Streamer Life was the most downloaded app / game in the US at the end of July.

Ruby Games is developing the sequel to the hugely successful Hunter Assassin, which it plans to launch in late 2021 or early 2022. The Hunter Assassin sequel will feature a more in-depth metagame and in-app purchases that extend to a longer duration. – term retention.

In the first six months of 2021, Ruby Games generated revenue of $ 7.8 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $ 3.5 million. Ruby Games’ total assets as of June 30 were $ 4.3 million. It has 34 employees.

Since 2018, Ruby Games has released 13 games. Eight of them made it to the top 10 for daily iOS game downloads in the United States, and three reached number one, the company said. Combined downloads from Ruby Games topped 600 million. Rovio’s Angry Birds games have been downloaded 4.5 billion times to date, the company said.

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