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TicBits most famous product is called Crazy Kings, a tower-defense game with a few twists
Animoca Brands, a Hong Kong-based mobile game developer with the rights to well-known characters such as Doraemon, Garfield and Astro Boy, announced today it has acquired the Finnish gaming company TicBits.
The deal is for 100 per cent of the company and worth EUR3.35 million (US$3.7 million).
EUR2.35 million (US$2.6 million) will be paid in cash and the remaining EUR1 million (US$1.1 million) will be deferred to 2018 and may be paid in either cash or shares.
The acquisition is expected to be formally completed on Friday.
TicBits is a small, independent company based in Turku, Finland and has nine employees. Its most popular game was Crazy Kings, a tower defense game with some unique gameplay quirks (such as the ability to borrow a friend’s hero to destroy the enemy).
In March 2016 it reported 750,000 active users and 11 million total downloads. It generated a revenue of EUR1 million (US$1.1 million) in fiscal year 2015.
“Animoca Brands’ position in the market is well regarded among industry professionals and its games have proven popular with a global audience,” said TicBits CEO Fredrik Wahrman in a statement.
“We are therefore excited to become a part of the story. TicBits will provide Animoca Brands with a complementary portfolio of owned IP and game engines to enhance downloads, usage and revenue generation.”
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Animoca is quite a bit larger than TicBits and the company claims it has 200 million downloads across its portfolio. In April, the company raised AUD7.5 million (US$5.6 million) with AUD6.5 million (US$4.9 million) coming via institutional placement and AUD1 million (US$750,000) from a shares purchase plan.
The reason Animoca raised in Australian Dollars is because the company is listed on the Australian Securities Exchange (ASX). As of publishing the ASX share price from Animoca is AUD0.20 (US$0.15).
Animoca says these recent capital infusions makes the company fully funded for the acquisition.
“TicBits has a solid track record in the global mobile gaming market and this acquisition is expected to provide Animoca Brands with a solid platform for further growth and additional revenue generation,” said Animoca CEO Robby Yung in a statement.
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For Animoca, the justification for the deal is to expand its global presence and enhance its owned portfolio. It cited TicBits ability to strengthen the company’s operational base, reach and influence in the mobile gaming industry.
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