Leading mobile entertainment company Jam City Inc., responsible for some of the world’s most popular games like Jurassic World Alive, announced its acquisition of Ludia Inc. from Fremantle for $165 million. In connection with the acquisition, Jam City raised $350 million in equity and debt financing from Netmarble, Kabam, and affiliates of funds managed by Fortress Investment Group. The financing round is Jam City’s largest to date.
“We’ve had a very long-standing relationship with Ludia, as well as their parent company, Fremantle, and both companies thought it was a great fit, which was very important,” said Jam City CEO Chris DeWolfe. “So we all hung in there. We began to develop our synergy plans over the time. The time definitely wasn’t wasted. We can hit the ground running now that it is fully closed.”
Jam City will use proceeds from the financing to help further its strategy to build out its portfolio of bold, innovative, and novel studios from around the globe. Over the past five years, Jam City has added the Rainbow Star studio in Burbank and completed acquisitions of TinyCo in San Francisco, Uken Games in Toronto, and 231Play in Berlin, materially increasing the performance of each one, now integrated within the Jam City global studio network.
Since 2014, Jam City has won Best Game awards from Apple, Facebook, Google, and Pocket Gamer, in addition to a Media Excellence Award and Writer’s Guild Award nomination. Prior to the Ludia acquisition, Jam City achieved double-digit compound annual growth in both bookings and profitability on an adjusted EBITDA basis for the past five years through 2020.