Stillfront Group, a Swedish mobile game company has recently acquired 100% shares of Moonfrog Labs and its Dhaka-based subsidiary Ulka Games Limited.
Moonfrog Lab's 91% shares have been transferred for $91 million and the rest will be transferred over the next three years while payouts will be according to the performance of the studios, said a press release.
According to Ulka Games, the acquisition will open up new opportunities for the local industry as local startups and enthusiasts who have lacked investment and encouragement will now have something to look forward to.
As mobile gaming is now considered to be the next frontier of the business sector, 51% of the $180 billion video game industry came from mobile games in 2020.
The generated revenue is more than the combined total of the box office ($42.2 billion) and the music industry ($21.5 billion).
However, the video game industry in Bangladesh is worth only about $50 million, less than a mere 0.05 percent of the global market size.
Founded by Zamilur Rashid in early 2019, Ulka is the fastest growing game development studio in Bangladesh. It has a team of over 50 game professionals. They are known for games like Ludo, Twenty-nine, Teen Patti, Tiny Cricket, Ball Jump, Sholo Guti, Card Club and Snake and Ladder.
Stillfront Group is a leading free to play gaming studio which is listed on Nasdaq First North Premier since December 2015 and has over 1,000 employees.