Stillfront Group AB, a leading free-to-play powerhouse in game development, has entered into an agreement to acquire all shares in Nanobit doo, a leading developer and publisher of mobile games based in Zagreb, Croatia.
Nanobit, is a studio that focuses on narrative lifestyle role-playing games (RPGs) aimed at a female audience. Nanobit is an established studio with 29 released titles, of which 10 apps and 19 games, and more than 145 million downloads. The flagship titles include Tabou Stories (2020), My Story (2017), and Hollywood Story (2015). The sellers are the two founders and main owners of Nanobit, Alan Sumina, and Zoran Vučinić, as well as some key people.
The transaction will be carried out in two tranches, of which 78% of the shares in Nanobit will be acquired for an initial purchase price of approximately USD 100 million on a cash and debt-free basis.
Approximately USD 30 million of the First Part Purchase Price is to be paid in 280,542 newly issued shares in Stillfront to the founders and the remaining approximately USD 70 million is paid in cash to the sellers, which means that approximately 70% is paid in cash and approximately 30% in newly issued shares in Stillfront.
Stillfront considers that the Transaction will result in attractive earnings multiple for Stillfront in line with previous acquisitions and should be seen in the context of Nanobit’s rapid growth.
With the acquisition of Nanobit, Stillfront expands its footprint into the narrative lifestyle role-playing games (RPG) genre, further strengthening Stillfront’s portfolio of Simulation, Action, and RPG games and broadening their gaming audience.
Nanobit is an experienced and reputable studio with numerous apps and games with a clear niche within the lifestyle genre. The games portfolio has shown strong growth during the last year and Stillfront sees a strong growth potential going forward, including a promising pipeline of new games”, says Jörgen Larsson, CEO, Stillfront.
“The mobile gaming industry is growing rapidly and is becoming increasingly global. Being in a position to be able to choose a strategic partner, it is only natural that we chose the one that fits our culture and long-term vision. By joining Stillfront Group, Nanobit gains additional momentum that will allow us to continue to grow and develop new ambitious plans and projects. We look forward to teaming up with Stillfront to further accelerate the development of both Nanobit and Stillfront Group, while our employees get the opportunity to work with some of the best in the industry”, says Alan Sumina and Zoran Vučinić”, Joint Founders and Owners of Nanobit.