Stillfront Group, the Swedish mobile games developer posted its revenue for the last quarter of 2019. The company’s net revenue for that period was 51% up to SEK 551 million ($56.2 million) while annual revenue reached SEK 1.9 billion (194 million). Jörgen Larsson, the CEO announced last year that they were aiming to triple its revenue over five years. Recently Larrson said that he is confident that they will reach this goal especially after the acquisition of Storm 8 in January.
The acquisition deal costed 300 million dollars
Last month Stillfront Group acquired the American mobile gaming studio Storm 8 for $300 million which $75 million of it will be in the company’s shares. Storm 8 has been quiet in the past years and they even laid off 130 employees but it saw a huge success in its early days and created titled base on Monopoly, Bingo and Clue. The studio’s most popular game is Property Brothers Home Design which has been downloaded almost a million times. Now they have a big budget and hopefully, it will help them to raise again.
“The combination of Stillfront’s and Storm8’s complementary product portfolios and audiences is an excellent strategic fit and significantly increases Stillfront’s addressable market,” Larsson said. “We have also strengthened the balance sheet through a financing package of both equity and debt which provides opportunities for additional M&A activities moving forward.”
The company is on an acquisitions streak
This is not the only acquisition that has been done by Stillfront Group, over the years they bought many studios including Kixeye last summer, Imperia Online in 2018. That’s not all, in 2017 they bought both Erepblik Labs and Goodgame. You can read more details about the Year-End Report on the company’s official website. We don’t know what they are working on right now but be sure to follow us to learn more.