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Animoca Brands Corporation Ltd to acquire Finnish game developer

Published: 05:35 05 Jul 2016 BST

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Animoca Brands Corporation Ltd (ASX:AB1) will acquire TicBits Oy, an independent mobile game developer based in Finland for a cash consideration of $5 million.

In FY15, TicBits generated revenue of $1.5 million and has $1.8 million in cash accumulated from profits on its balance sheet.

The initial (staged) consideration represents an EV/EBIT multiple of 3.6x based on FY15 EBIT.

Interestingly, Finland has spawned two of the world’s most successful mobile game companies - Supercell, acquired by Tencent for $11.6 billion) and Rovio, the makers of Angry Birds.

The acquisition is funded from Animoca’s April 2016 institutional placement which raised $6.5 million.

The consideration includes an upfront payment of $3.5 million, followed by $1.5 million payable in 2018.

Animoca is a player in the global mobile gaming market, growing revenue to $7.5 million in 2015, from $4 million in 2014.

The company has a portfolio of more than 430 mobile gaming apps with 13 million monthly active users.

The new acquisition aligns with the Animoca’s strategy to expand global presence and enhance its owned portfolio of IP and games.


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