Free-to-play gaming studio Stillfront Group acquires Tech 30 startup Moonfrog
Leading free-to-play powerhouse of gaming studios Stillfront Group recently announced to acquire 100% of the shares of Moonfrog Labs Private Limited for an initial consideration of approximately $90 mn on a cash and debt-free basis. The acquisition will help Stillfront establish a strong platform to expand organically and through M&A into the fast-growing Indian subcontinent.
"With the acquisition of Moonfrog, Stillfront adds a highly profitable and successful studio to the group and expands our geographic footprint to the Indian subcontinent, a strategic move into one of the fastest growing mobile game markets worldwide," said Jörgen Larsson, CEO, Stillfront.
One of Moonfrog's first titles Teen Patti Gold is among the most popular mobile games in India and has over 10 mn monthly active players globally. Ludo Club is another popular title which has gained popularity in many countries.