Swedish leisure firm Trendy Instances 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, shaped 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, contains 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
By way of the acquisition, Monumental will totally 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 presently unknown, it is because of be revealed in Trendy Instances Group’s Q1 report this yr. And even after the deal – virtually seven years on from Trendy Time Group’s personal acquisition of Kongregate – the previous proprietor will nonetheless have some connection to its future endeavours via totally diluted 30% shareholding within the joint entity.
Trendy Instances Group president and CEO Maria Redin added: “We’re completely satisfied to have discovered the precise house for the following chapter in Kongregate’s journey. Monumental has a powerful monitor report of managing and rising video games and we’re satisfied that combining the 2 portfolios is the precise step ahead. I want the groups the most effective of luck as they now start their journey collectively.”
Notably, the sale of Kongregate comes simply after a weaker This autumn efficiency underneath the mum or dad firm, who, regardless of seeing a gross sales enhance, attributed this to a totally different subsidiary: “The natural yr over yr gross sales enhance in This autumn was pushed by robust progress in PlaySimple, which greater than offset decrease revenues in Kongregate and Hutch yr over yr.”
Whether or not Kongregate’s blockchain and NFT ambitions – sizzling matters which have fallen in recognition lately – will proceed or not, stays to be seen however the firm has made noteworthy AI advances of late.
