Swedish mobile games firm MAG Interactive has acquired Primetime developer Sventertainment AB for SEK 20 million ($2.3 million).
The Swedish media firm is best known for Primetime, a trivia app. Should the company hit profit targets over the next three years, there could be an additional sum, reaching up to SEK 80 million ($9.2 million).
"We love trivia and knowledge-based games, so it feels completely natural for us and also a fantastic match from a company point of view with the new owner MAG," said Sventertainment board chairman Daniel Weilar.
Sventertainment will maintain its independence and keep its current management team. Meanwhile Primetime will continue to be a standalone product, while the companies cooperate on integrating live broadcasts into New QuizDuel.
"Together, we can create something unique for players. MAG possesses expertise that will benefit us, and together we can make New QuizDuel into the world's biggest trivia game," said Sventertainment CEO Martin Palm.
"Primetime is an excellent addition to our catalogue of smart, easily accessible word and trivia games and fits in particularly well with New QuizDuel. We want to create synergy between Primetime and MAG by integrating live broadcasts into New QuizDuel, making this the next strategic step toward becoming a world leader in trivia," said MAG Interactive CEO Daniel Hasselberg.
"With live broadcasting, we will offer something completely new and exciting and are building unique added value for our QuizDuel players long-term. Primetime's complementary business model, that is based on sponsor financing, also amounts to an opportunity to increase ARPDAU in New QuizDuel.
"Primetime has built an organic user base of around 100,000 daily active players. They have also proven that their business model works and the company is now profitable. During the first half of the year, they increased their sales significantly compared to the same period last year, and we believe that this is just the beginning of their growth journey."
Last month, MAG Interactive strengthened its team as it hired a new senior game artist and an intelligence engineer.