Swedish mobile firm Qiiwi Games has acquired a majority stake in hypercasual developer Playright Games, for roughly $1.1 million.
As revealed last month, Qiiwi has acquired a 63.75 per cent stake in Playright for an initial purchase price of $540,000.
Qiiwi will go on to acquire the remaining 36.25 per cent of the company for $500,000 subject to revenue targets exceeding an average monthly turnover of $420,000.
Playright Games was founded in 2020 by Evtim Trenkov, Kristina Trenkova and Daniel Rechter and has currently developed one title, SuperStocker.
Qiiwi will act as a publisher for Playright’s future titles and provide additional support to Playright, such as with marketing, optimisation and user acquisition.
"Promising results"
"Together with Qiiwi, we have a much greater chance of succeeding with the games we create," said Playright co-founder Kristina Trenkova.
"Qiiwi will complement us perfectly with its expertise in areas such as technology, marketing, publishing and analysis. This makes us confident that our growth in the future will be strong. Today, we see promising results from our initial game tests that include puzzle and arcade game prototypes."We are really excited to now have the opportunity to join Qiiwi and establish their new business area and expand into hypercasual games."
Qiiwi Games CEO Erik Dale Rundberg added: "With Playright we are adding a new business area aimed at a large target audience, where I am confident that we will be able to deliver games that stand out.
"This new business area will also mean that we will have more games to put in the hands of our skilled marketing team with the ambition to increase daily active users in our game portfolio.
"With Qiiwi's knowledge and historical strategic focus on implementing meta elements into our casual games, we are also well-positioned to support Playright's strategy of creating deeper underlying engagement systems in its hypercasual games, to ultimately create truly competitive games and be an early player in the new hyper/hybrid casual niche."
Earlier this year, Qiiwi partnered with All3Media to develop a game based on the long-running British television series Midsomer Murders which is currently in soft launch.
