Stillfront Group Acquires Croatian Company Nanobit
Swedish based Stillfront Group announced the signing of an agreement to acquire all shares in Nanobit. Croatian studio focuses on narrative lifestyle simulation RPGs targeting a female audience.
Nanobit is an established studio with 29 titles released, whereof 10 apps and 19 games, and more than 145 million lifetime downloads. The flagship titles include Tabou Stories (2020), My Story (2017) and Hollywood Story (2015). The founders, Alan Sumina and Zoran Vučinić, and other key employees will remain within Nanobit and be part of the management of Nanobit post-closing of the first tranche transaction.
The Transaction will be executed in two tranches, whereof 78% of the shares in Nanobit will be purchased for an initial consideration of $100 million. About $30 million of the first tranche is payable in 280,542 newly issued shares in Stillfront to the founders and the remaining $70 million is payable in cash to the sellers. 22% of the shares in Nanobit will be purchased for a second tranche consideration of an amount depending on the EBITDA development of Nanobit for the financial years 2021 and 2022 but however not exceeding $48 million. The second tranche will be payable by Stillfront in 2023, out of which 70% shall be paid in cash and 30% in newly issued shares in Stillfront.
“With the acquisition of Nanobit, Stillfront expands our footprint into the narrative lifestyle RPG genre, further strengthening Stillfront’s portfolio of Simulation, Action and RPG games and broadening our gaming audience. Nanobit is an experienced and reputable studio with numerous apps and games with a clear niche within the lifestyle genre. The games portfolio has shown strong growth during the last year and we see a strong growth potential going forward, including a promising pipeline of new games”, says Jörgen Larsson, CEO, Stillfront.
“The mobile gaming industry is growing rapidly and is becoming increasingly global. Being in a position to be able to choose a strategic partner, it is only natural that we chose the one that fits our culture and long-term vision. By joining Stillfront Group, Nanobit gains additional momentum that will allow us to continue to grow and develop new ambitious plans and projects. We look forward to team up with Stillfront to further accelerate the development of both Nanobit and Stillfront Group, while our employees get the opportunity to work with some of the best in the industry”, says Alan Sumina and Zoran Vučinić, Joint Founders and Owners of Nanobit.