LA-based mobile gaming outfit Jam City has finalised its acquisition of Canadian mobile developer Ludia for $165 million.
Based in Montreal, Ludia maintains a strong portfolio of titles including the augmented reality game Jurrasic World Alive, which has generated over $100 million in the three years since launch.
News that Jam City planned to acquire Ludia surfaced earlier this year for an estimated offer of $175 million, before a SPAC merger to go public on the New York Stock Exchange.
Jam City later revealed that it had cancelled plans to go public, but still planned to acquire Ludia.
In order to fund the acquisition, Jam City has raised $350 million in equity and debt financing through a funding round.
The financing round included Netmarble, Kabam, and affiliates of funds managed by Fortress Investment Group, and is the company’s largest funding round to date.
Company synergy
“The synergy between Ludia’s imagination, polish and innovative game mechanics with Jam City’s data science platform creates the perfect marriage between our two companies and adds significant value to their deep, rich entertainment experiences," said Jam City co-founder and CEO Chris DeWolfe.
"The latest round of funding solidifies our strategy of acquiring great companies across the globe and heavily investing in our current studios to build enduring entertainment experiences that rival blockbuster Hollywood hits."
Ludia co-founder and CEO Alex Thabet added: "With a growing portfolio of evergreen titles and the company’s most ambitious slate of upcoming games in the company’s history, it was time for Ludia to find the right strategic partner. Jam City is the perfect home to achieve the full growth potential ahead of us."
In other acquisition news, Swedish mobile game firm Qiiwi Games has acquired UK-based hypercasual developer Playright Games for up to $1.1 million.
Jam City was featured in PocketGamer.biz’s Top 50 Mobile Game Makers of 2021, placing 15th with key games Cookie Jam, Disney Emoji Blitz, and Harry Potter: Hogwarts Mystery.
