Fragbite Group sells subsidiary Playdigious to Griffin Gaming Partners for €10.5m 

• Fragbite expects to become self-sustaining within six to 12 months following the divestment.
• The sale will generate a capital gain and reduce group financial liabilities by $1.2m. 
• Playdigious is best known for licensing and porting PC and console games to mobile platforms.

Fragbite Group has sold its entire stake in subsidiary Playdigious to Griffin Gaming Partners for €10.5 million ($12.2m) on a cash and debt-free basis.

The payment will be made entirely in cash, with Fragbite also retaining 90% of future net revenue from Playdigious Originals’ current PC titles.

Following the sale, Fragbite plans to retain funds in cash or equivalents until its remaining operations generate sufficient recurring revenue, expecting the group to become self-sustaining within six to 12 months.

Playdigious had a book value of SEK 97.1m ($10.3m) at the time of sale. The divestment will generate a capital gain for both the parent company and the consolidated group, while also reducing total interest-bearing debt and financial liabilities by €1.08m ($1.2m).

Continuous growth 

Playdigious was acquired by Fragbite in 2021. The publisher's main business involves licensing and porting PC and console games to mobile, while its 2023-launched Playdigious Originals unit focuses on publishing original PC titles.

“Playdigious was acquired in 2021 and has been a successful investment," said Fragbite CEO Stefan Tengvall. “We now got the opportunity to divest the subsidiary in a favourable deal that allows us to secure a strong capital position, evolve Fragbite Group further and support new strategic initiatives such as the Bitcoin Treasury initiative. 

“Fragbite Group’s close ties to Playdigious, with founders Xavier Liard and Romain Tisserand and CEO Abrial Da Costa, are strong and our collaboration continues. We have always been very proud of the Playdigious team, and I want to thank all team members for being such a positive part of the group these years. 

“I believe Playdigious will continue to grow together with the highly knowledgeable team at Griffin Gaming Partners and wish them the best of luck in future endeavours." 

Last year, Fragbite Group declared bankruptcy for its subsidiary Fall Damage Studio, after the Swedish developer failed to secure a publishing deal for its PC title ALARA Prime, resulting in an unsustainable financial situation.