Mobile game developer Tripledot Studios has acquired AppLovin’s mobile games studio portfolio for around £603m.
The half cash, half equity deal will see California-based AppLovin become a minority shareholder in Tripledot Studios while allowing Tripledot to expand its footprint in key strategic markets, including the US and Asia.
Subject to the deal’s closing, London-based Tripledot Studios will operate a total of 12 studios with more than 2,500 team members across 23 cities globally.
The firm will have over 25 million daily active users and annual gross revenues of nearly $2bn, making it one of the top five independent mobile game studios globally by revenue.
The firm, which was named as the fastest growing company in Europe by the Financial Times in 2023, has developed and operates over 25 live games, including Woodoku, Solitaire.com and Triple Tile.
“Creating and operating games is our passion,” said Lior Shiff, co-founder and CEO of Tripledot Studios.
“Our mission is to become the world’s most successful mobile game studio.
“Acquiring AppLovin’s games portfolio is a big step towards achieving that goal – taking us from being a high-performing challenger to a true global leader.
“It gives us additional scale, diversification and access to the best talent globally. We’re thrilled to welcome these incredible teams to Tripledot.”
The company says the acquisition will bring key advantages including game portfolio diversification and shared expertise, access to a global talent pool and instant scale.
Adam Foroughi, co-founder and CEO of AppLovin, added: “Seven years ago, we began acquiring gaming studios to help train our earliest machine learning models.
“However, we’ve never been a game developer at heart. We have immense respect for the creativity it takes to build games, including from teams in our studios.
“Today, we’re announcing we’ve finalized a deal to sell all of our Apps business to Tripledot Studios. I have watched Lior build his company from the ground up and I have immense respect for his and the Tripledot team’s ability to run a games company.
“Lior and his team are some of the best operators in the business and give me incredible confidence they are the right partner to help these studios thrive going forward.”
Tripledot Studios currently has offices in London, Warsaw, Minsk, Barcelona, Jakarta and Melbourne, and will be acquiring 10 studios as a result of the deal.
NASDAQ-listed AppLovin currently has a market cap of $114.88bn, highlighting the magnitude of the deal.