Sweden’s MTG acquires Indian game developer PlaySimple for $360m

Photo: Pixabay

Swedish gaming company Modern Times Group (MTG) on Friday announced that it has acquired Bengaluru-based word games developer PlaySimple for a consideration of $360 million in a cash-and-stock deal.

PlaySimple’s early backers, including venture capital firms Elevation Capital and Chiratae Ventures, are selling their stakes in the company as part of the transaction, MTG said in a statement.

MTG, which has routed the acquisition through its subsidiary MTG Gaming AB, will pay 77% of the amount in cash and the balance through its Class B shares.

The acquisition of PlaySimple will strengthen MTG’s position in the casual games genre and among the female gaming audience while also enabling access to the strategically important talent pool in India, the Swedish company said in a statement.

Founded in 2014 by Siddharth Jain, Suraj Nalin, Siddhanth Jain, and Preeti Reddy, PlaySimple has a portfolio of nine games, including successful titles such as Daily Themed Crossword, Word Trip, Word Jam, and Word Wars with over 75 million installs and 7 million monthly active users (MAU). The company also has four additional new games in the pipeline to be launched in 2021 and is expanding into the card games genre.

“As we join the MTG family, we look forward to leveraging our proprietary technology across MTG’s gaming portfolio, expanding into the European market, investing in cutting-edge technology and building exciting new games,” the founders said.

PlaySimple grew its revenues by 144% in the 2020 calendar year to $83 million and reported an adjusted EBITDA of $18 million.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.