Stillfront Group, a Swedish publicly listed game company acquired 100% shares of Moonfrog Labs and its subsidiary Dhaka based - Ulka Games Limited. 91% shares had been transferred for USD 90 Million. Rest will be transferred over the next three years and payouts will be according to the performance of the studios.
Gaming on mobile has grown tremendously over the last few years. According to KMPG, mobile gaming is now considered to be the next frontier of the business sector. In 2020, the video game market was worth USD 180 billion where 51% of that coming from mobile games, more than the combined total of the box office (USD 42.2 billion) and music industry (USD 21.5 billion).
Compared to that, the video game industry in Bangladesh is worth only approx USD 50 million, less than a mere 0.05 percent of the global market size.
Stillfront's acquisition of Ulka Games, therefore, opens up new opportunities for the local industry as local startups and enthusiasts who have lacked investment and encouragement will now have something to look forward to.
Founded by Zamilur Rashid in early 2019, Ulka is the fastest-growing game development studio in Bangladesh. It has a team of over 50 game professionals.
Moonfrog Labs Private Limited was founded in late 2013 by a team of industry veterans with the mission of making mobile gaming inclusive in India. It has raised USD 15M+ from world's top two VC firms Sequoia Capital and Tiger Global.
Stillfront Group is a leading free-to-play powerhouse of gaming studios. The Group's games are distributed globally, The company is listed on Nasdaq First North Premier since December 2015 and has 1,000+ employees. The group was founded by Jörgen Larsson who is the current CEO of the company and is headquartered in Stockholm, Sweden.\
Source: https://www.thedailystar.net/pr/news/global-gaming-giant-stillfront-gets-bangladesh-2058769