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Stillfront acquired mobile game Crush Them All and the developer behind it

M&A | 07 JUN 2021
WRITTEN BY | 16 Jun 2021
Stillfront acquired mobile game Crush Them All and the developer behind it
M&A

💵 Acquisition

  • On June 7, 2021 Stockholm-based mobile game developer and publisher Stillfront Group acquired mobile idle RPG Crush Them All, developed by US-based mobile games developer Godzi Lab.
  • In fact, Stillfront has acquired the whole Godzi Lab studio (the acquisition is structured as an all-cash acquisition of all shares in Godzi Lab Inc.), since all its assets and liabilities relate solely to the game.
  • The deal is already closed with an undisclosed consideration paid fully in cash.

📈 Financial performance

  • From now on, Crush Them All will be operated by Stillfront’s subsidiary Imperia Online, which allocated more resources to the game and is expected to scale current live-ops and UA capabilities. This is by the way the same studio that previously overtook all the operations of Siege: World War II from Simutronics, and successfully integrated several other existing products into Stillfront’s ecosystem.

  • This would be the third (and probably the smallest) acquisition the company has announced this year: earlier, the company had acquired Moonfrog Labs ($90m), and Game Labs ($9.75m upfront). It also closed the acquisition of Super Free Games ($79m upfront), which was announced at the end of 2020.

💠 What’s Behind The Deal?

  • Crush Them All was released in 2017 on iOS/Android, and since then has been downloaded more than 7.7m times (according to AppMagic).
  • The peak of the downloads came in Dec’19, when the game saw 281k downloads. According to the press release, the game currently has 250k MAU with almost $13m bookings for the last 12 months.
  • Other games developed by Godzi Lab, however, have not been received as well as Crush Them All, and currently generate less than 10k downloads a month combined.

Crush them all

  • Quite obviously, with this deal, Stillfront continues to implement its active inorganic M&A growth strategy. After 2 major deals in Q1&2, the acquisition of a small Godzi Lab doesn’t look strange — the company is increasing its presence on the mobile market, adding another long-life cycle title in its pipeline.
  • With Stillfront’s current audience and experience in expanding games, Crush Them All could become a more profitable and popular product. Furthermore, for Stillfront it’s also a win-win situation, as the company added a live product with a big space for growth. Last year, Stillfront announced 6 acquisitions; this year, we have already seen three — and have every reason to expect more M&As from the Swedish company.
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OTHER
Stillfront
  • Established in 2010

  • Headquarters — Stockholm, Sweden / studios in Australia, Bulgaria, Canada, Germany, Jordan, Malta, Romania, Sweden, United States and Vietnam

  • Team of 800+ employees

  • Founded by — Jörgen Larsson

  • Mobile-focused games developer and publisher

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