The Stockholm-based developer is best known for its self-published mobile RPG Vampire's Fall: Origins, which has accumulated over 10 million players, and Champions of Avan.
The studio is currently developing the upcoming Vendir: Plague of Lies.
Following the acquisition, Early Morning Studio will continue to be led by its founders, Emir Kuljanin and Kristian Andersson, who will lead its current team of 17 employees.
Brings mobile expertise
"Early Morning Studio is an exciting company that brings a lot of value to Thunderful," said Thunderful Group CEO Brjánn Sigurgeirsson.
"We’re always looking for studios with an established record of putting out great games and Early Morning Studio is a prime example of that.
"Their mobile expertise will help support us as we continue to grow mobile alongside our console and PC business. Adding their knowledge of how to make engaging free-to-play titles to Thunderful will be a huge advantage in a segment that has a bright future ahead."
Thunderful’s has focused on publishing PC and console releases, however, with the acquisition of Early Morning Studio the publisher is looking to expand towards mobile game publishing.
Early Morning Studio co-founder and CEO Emir Kuljanin added: "We’re really excited to be joining Thunderful. Having Thunderful’s support gives us the backing we need to realise our creative vision with the exciting mobile projects we have in the works. We’re delighted to be able to draw on their vast knowledge and experience to help us create the best games possible as we continue to develop and self-publish our titles."
Recently, Thunderful Group acquired UK-based games consultancy firm Robot Teddy for $13.7 million and established a new investment arm, Thunderful Investment.