Sweden-based mobile game company Qiiwi Games has acquired a majority stake in British hyper-casual developer Playright Games for approximately $1.1 million.
The agreement between the two companies was announced for the first time last August. The deal marks the purchase of 63.75% of Playright shares for $540,000 by Qiiwi. The continuation of the deal includes Qiiwi purchasing the remaining 36.25% stake for an additional $500,000. However, in order for this additional payment to occur, revenue targets must first be met.
In addition, it is also covered by the agreement that Qiiwi Games will act as the publisher of Playright’s prospective games and provide support in other areas such as marketing, user acquisition, analytics, and optimization.
Playright Games, founded in 2020 by Evtim Trenkov, Kristina Trenkova, and Daniel Rechter, has previously held key roles in game design and product management at Trenkov, Gameloft, Square Enix, and Zynga‘s subsidiary NaturalMotion. Daniel Rechter, the co-founder of Playright, made the following statements about the acquisition:
“We are very excited and happy to bring Qiiwi as majority owner of Playright. Evtim and I have worked together on several game projects before, where we have gained together with the experience we bring to the work we do with Playright. I look forward to continuing Qiiwi’s progress and helping the company expand into the ever-growing hyper-casual market.”
In addition, Evtim Trenkov added the following sentences:
“The company’s goal is to create engaging yet simple gaming experiences, called ‘game loops’, that can work both with and without deeper meta-elements.”