Finnish gaming studio Tribeflame is acquired by Animoca Brands in a €350k transaction.
TribeFlame, a Turku, Finland-based gaming company, announced entering into a deal for selling the company to Animoca Brands.
Animoca Brands, based in Hong Kong and Finland, publishes globally a broad portfolio of mobile games and subscription products including several games and e-books based on popular intellectual properties such as Garfield, Thomas & Friends, Ever After High and Doraemon.
The deal involves paying €350k ($433k) for the acquisition of 100% stake in Tribeflame Oy and its subsidiary Benji Bananas Oy structured as an upfront cash consideration of €50,000, deferred consideration of €50,000, and payments of €100,001 over time based on the revenue earned by Tribeflame Oy, and earn-out payments of up to €150,000, payable in 2020.
The acquisition grants Animoca Brands ownership of Tribeflame and Benji Bananas, as well as their game licenses.
Tribeflame, founded in 2009 by Torulf Jernström and Marcus Alanen, is one of the world’s first tablet games companies. The company has published more than a dozen mobile games, including the popular franchise Benji Bananas, which has been downloaded more than 107 million times.
Benji Bananas has 1.5 million monthly active users and, together with its sequels, has generated approximately €2.25 million in gross revenues.
Tribeflame is the second Finnish game company acquired by Animoca Brands, following the purchase of TicBits Oy in July 2016