Swedish leisure firm Fashionable Occasions Group has signed an settlement allowing its subsidiary studio Kongregate to be acquired by Monumental.
The latter, a US-based indie sport developer and writer, fashioned in 2020 and has already grown to function a sizeable gaming portfolio together with Mythgard, Crowfall and Storm Wars.
Kongregate’s portfolio, in the meantime, consists of Toss the Turtle, Burrito Bison Revenge and Dino Storm, and with the 2 coming collectively, their catalogue will comprise of nicely over 40 video games.
The ability of mixture
Via the acquisition, Monumental will absolutely combine Kongregate into itself and CEO Monty Kerr will run operations of each studios, being nicely positioned to faucet into the “intensive expertise in conventional cell gaming” these sport devs possess.
“We’re overjoyed to welcome Kongregate into the Monumental household. We are able to’t wait to see what comes subsequent, and we’re extremely excited to be a part of Kongregate’s future,” he stated.
Whereas the price of this acquisition is at present unknown, it is because of be revealed in Fashionable Occasions Group’s Q1 report this 12 months. And even after the deal – virtually seven years on from Fashionable Time Group’s personal acquisition of Kongregate – the previous proprietor will nonetheless have some connection to its future endeavours via absolutely diluted 30% shareholding within the joint entity.
Fashionable Occasions Group president and CEO Maria Redin added: “We’re blissful to have discovered the fitting residence for the following chapter in Kongregate’s journey. Monumental has a robust observe document of managing and rising video games and we’re satisfied that combining the 2 portfolios is the fitting step ahead. I want the groups the perfect of luck as they now start their journey collectively.”
Notably, the sale of Kongregate comes simply after a weaker This autumn efficiency beneath the guardian firm, who, regardless of seeing a gross sales improve, attributed this to a totally different subsidiary: “The natural 12 months over 12 months gross sales improve in This autumn was pushed by robust progress in PlaySimple, which greater than offset decrease revenues in Kongregate and Hutch 12 months over 12 months.”
Whether or not Kongregate’s blockchain and NFT ambitions – scorching matters which have fallen in reputation in recent times – will proceed or not, stays to be seen however the firm has made noteworthy AI advances of late.