18 Mar — 24 Mar / 2024

Weekly News Digest #12


# of announced deals
announced deals’ size
# of closed deals

Gaming M&A Sell-side Financial Advisors Ranking


Gaming M&A Sell-side Financial Advisors Ranking

In a landscape where the gaming M&A activity has moderated from the peaks of 2021-2022 yet remains significantly vibrant compared to pre-pandemic levels, the importance of adept advisory cannot be overstated. These are the times that underscore the value of strategic guidance—where advisors not only steer companies through the complexities of deal-making but also ensure that each transaction is structured to maximize value and facilitate a seamless transition.

Introducing the Global M&A Sell-Side Financial Advisory League Table for 2020-2024 YTD. This comprehensive Table highlights the financial advisory firms that have been instrumental in leading the gaming industry through transformative deals during these fluctuating times. Designed with founders and investors in mind, this League Table is your navigator in the ever-evolving M&A landscape, offering an unparalleled analysis derived from InvestGame’s very own proprietary database, spotlighting over 60 significant acquisitions based on the following criteria:

  • Sellers represent game developers or publishers across PC, Console, and Mobile;
  • Transactions valued at $65m or more in an estimated upfront payment, excluding earn-outs;
  • This includes transactions with the sale of a controlling stake and disclosed sell-side financial advisory role.

Top3 Gaming Advisors

Our database ranks over 20 financial advisory firms by balancing the total transaction value against the volume of deals concluded, showcasing leaders such as Aream & Co., Goldman Sachs, and The Raine Group. These firms lead in numbers and navigate some of the sector’s most monumental transactions, setting benchmarks in financial advisory services.

#1 Aream & Co.

Aream & Co. leads the top chart, with 24 closed and publicly disclosed transactions representing over $9.2B of the estimated value of total upfront considerations. It has the largest number of deals in the ranking, with the biggest ones being the $2.1B Peak sale to Zynga (NasdaqGS: ZNGA) and the sale of Jagex to CVC Capital Partners and Haveli Investments for an estimated value of ~$1.1B.

#2 Goldman Sachs

Second is Goldman Sachs, which facilitated 8 deals with a total upfront deal value of $30.4B. Goldman Sachs advised on some of the industry’s largest transactions, including the $12.7B sale of Zynga to Take-Two Interactive (NAS: TTWO) and the $7.5B sale of ZeniMax Media to Microsoft.

#3 The Raine Group

The Raine Group rounds out the top three, having advised on five deals valued at almost $7B, the largest of which was the $4B sale of Moonton to Nuverse (ByteDance) and the $2.2B sale of SpinX Games to Netmarble.

Refer to our league table below for detailed insight into the top advisory firms shaping the future of gaming investments.

Top6 Advisor Deals

By becoming a supporter on Patreon, you unlock exclusive access to the critical data that underpins our League Table. This insight into the gaming M&A landscape enriches your strategic understanding and supports our mission. Your contribution fuels the InvestGame team’s ability to continue delivering comprehensive analysis of significant transactions, offering you precise and detailed perspectives on the dynamics of global gaming deals. Join us on Patreon and empower your decision-making with access to our meticulously curated data.

We want to thank MGVC and Xsolla for supporting this digest.

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US-based app analytics firm Sensor Tower has acquired US-based mobile intelligence company for an undisclosed sum. The deal was financed by Bain Capital, with added investment from Paramark Ventures and Riverwood reported $100m in annual recurring revenue, according to TechCrunch. Apart from that the company had raised approximately $157.1m during the period from 2011 to 2016, while its buyer had raised $45m in 2020. is a direct competitor of Sensor Tower, which means the deal will make the latter the dominant player in the market, consolidating the mobile intelligence industry, and expanding its customer base.


UK-based indie games developer Cathedral Studios has secured $6.7m in a Seed funding round led by Arca, with Hartmann CapitalLiquidX, IVC, 6th Man, and Spartan also participating. The studio, which consists of game industry veterans who have worked on major titles like Far Cry and Borderlands, is focusing on its debut horror game, The Bornless. The funds will support staffing and development acceleration.

India-based gaming services company Liquidnitro Games, composed of former Electronic Arts executives, has secured $5.3m in a Seed funding round led by Nexus Venture Partners. Targeting global and Indian markets, the company offers end-to-end live services, market entry strategies, game testing and prototyping, game co-production, and live services. The company will leverage India’s talent pool to support game publishers worldwide.

According to SEC data, US-based mobile games developer Reflection Games has raised $2.1m in a Seed funding round from an undisclosed investor. The company was established by Big Fish Games and Self Aware Games founders and focuses on mid-core mobile games.

US-based web3 games store HyperPlay has raised strategic funding from Japan-based gaming holding Square Enix (TSE: 9684). The sum of the deal is undisclosed. This investment will support the scaling of HyperPlay’s game store and enhance collaborative work on new titles like Symbiogenesis — the first web3 game title by Square Enix available in the HyperPlay game store.

South Korea-based web3 gaming platform Marblex, the subsidiary of South Korea mobile games developer Netmarble (KS: 251270), invests in US-based gaming and AI modular data layer CARV to enhance data-driven web3 experiences. This partnership aims to increase global player engagement by leveraging CARV’s expertise in gathering compliant gamer data across multiple platforms. Financial details were not disclosed.


US-based gaming platform Roblox (NYSE: RBLX) has launched a $35m Creator Fund focused on expanding content beyond gaming to include short-form videos. With over 60 million daily users, this move diversifies Roblox’s offerings, allowing creators and IP holders to produce new content types. The fund aims to bolster Roblox’s appeal and capitalize on its standing amidst the threat of a TikTok ban in the US. The persistent issue stems from concerns over sensitive information being transmitted by TikTok’s parent company, ByteDance, to the Chinese government, further fueling speculation surrounding the likelihood of a TikTok ban.

In collaboration with Immutable and Polygon Labs, US-based King River Capital has launched the $100m Inevitable Games Fund (IGF), aimed at early-stage web3 gaming startups. The fund, supported by investors like Alpha Wave Ventures and Merit Circle, plans to drive growth in the sector, which is particularly crucial amid recent VC investment drops in web3 gaming. The IGF has already invested in projects such as Pixelmon and Metalcore

US-based media and tech giant Meta (NASDAQ: META) has announced a new “multi-million dollar” fund to support VR and XR game developers. The fund will provide the companies with Oculus 3 headsets and financial assistance. Meta plans to fund up to 20 studios by the end of the year.