Plotagon was acquired by Bublar Group for $3 million.

Sweden M&A 26 November 2020
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Plotagon, a Stockholm, Sweden-based SAAS developer for 3D animated movies, announced that it was acquired by the local gaming studio Bublar Group.

The deal is a combination of stock and cash at a total valuation of SEK 15.3M ($1.8M) to which a double earnout is added - a fixed SEK 10M ($1.2M) fee and a performance-based amount, subject to conditions.

Plotagon will become a wholly owned company within Bublar, part of the Group's Play segment together with the game studio Virtual Brains.

Plotagon, founded in 2010 by Philip Edner and led by CEO Filip Grufman, developed a technology platform for creating 3D animated movies in minutes. The platform is in use by 300k users from US and India, and also has around 1000 corporate and educational customers. Plotagon has also announced getting into an agreement with the South Korean online company Naver Z who operates an avatar platform ZEPETO.

Plotagon has previously raised about $4 million from local Swedish investors including Peter Nilsson, Ted Elvhage and Torbjörn Lindgren.

Bublar, led by CEO Maria A Grimaldi, is a Swedish augmented reality mobile game group, with customers in TV, film, streaming, manufacturing industries and e-commerce. The company was listed on the local stock exchange from Stockholm in 2017.