Nazara Technologies, a publicly traded gaming and sports media company in India, has acquired Fusebox Games in the United Kingdom for $27.2 million.
The all-cash deal by Mumbai, India-based Nazara will boost the company’s presence in the core gaming segment.
Back in July, Nazara said it had acquired a 48.4% stake in Paper Boat Apps to drive a global expansion of Kiddopia, a children’s app. And for the second quarter of 2024, Nazara was ranked as the No. 8 acquirer of video game companies according to Drake Star Partners.
Fusebox publishes a successful interactive story game Love Island and is developing new games based on popular global TV intellectual properties. In 2023, the company reported revenues of $10.4 million with an EBITDA (earnings before interest, taxes, depreciation and amortization) of $1.4 million.
During CY24, Fusebox has demonstrated strong growth with year-to-date revenues of $13.9 million and EBITDA of $4 million.
Fusebox operates IP driven interactive story games that are primarily monetized through in-app purchases, which accounted for about 92% of the total revenues in YTD July’24.
The games primarily target developed markets including U.S., U.K., Australia and Canada, Switzerland, Sweden, Denmark, Norway, New Zealand among others. The company has 30 employees primary based in the United Kingdom.
Nitish Mittersain, CEO of Nazara, said in a statement, “We see a large opportunity in building an IP based global gaming business that benefits from our core base in India where we can support global studios through enhanced user acquisition strategies, data analytics, live operations and new initiatives such as implementing our in-house AI playbook. Many of our existing IP’s are good examples of this strategy and we are happy to join forces with the talented team at Fusebox as we continue to build Nazara into a global gaming company of meaningful scale”
Nazara is India’s only listed gaming and esports company, with majority ownership of several leading gaming and esports brands with presence in India, the U.S., and other global markets.
Nazara Technologies worked with Jerome Merchant + Partners as legal advisors, KPMG as financial due diligence advisors and Taxedge as tax advisors for this transaction.
Fusebox Games used Aream & Co and Level Up Partners as financial advisors and Osborne Clark as legal advisors.