After nearly 19 years of operation, mobile Dutch co-development studio Paladin Studios has closed.

The company made the announcement on its website, citing its inability to secure sufficient work to cover its burn rate in the last few months as the main cause of its closure.

Since 2005, the studio has navigated the challenges of the gaming industry to establish its presence. With an initial 55 employees, Paladin has now laid off its current team of 45 individuals who are “among the finest in the industry," the company wrote.

“Going further with the current outlook would have been an irresponsible decision that would have likely caused insolvency," wrote the company. “We have therefore taken this step to ensure a proper winding down, where all employees are given proper severance and the studio remains debt-free."

Existing titles will remain playable

The indie game developer remains committed to keeping its current games running and will continue to offer technical support for them going forward.

Over the years, Paladin has collaborated with giants like Nintendo, Apple Arcade, Netflix, Zeptolab, and Bandai Namco. “This was a dream come true – in fact, for us, it was THE dream come true."

The studio collaborated with the big names in order to produce the mobile versions of many of their classics, such as Cut The Rope, Tamagotchi, Katamari Damacy and Galaga.

“We want to thank the team, our partners, and our fellow industry colleagues for all the good times. It truly was a wild ride, and we wouldn’t want to have missed it for the world," Paladin concluded.