Media and Games Invest, which owns publisher gamigo, has announced the acquisition of mobile game developer AxesInMotion. The acquisition is valued at 55 million euros with potential payouts of up to 110 million euros depending on the results until the end of 2024. The transaction is expected to close in May 2022.
Media and Games Invest’s fourth quarter 2021 financial report showed a significant increase in revenue of 65% compared to the previous quarter and an increase in revenue of 80% compared to the same period last year. This is because the company has become the main advertising platform. Just a few weeks later, gamigo went through a massive wave of layoffs that affected several MMOs.
AxesInMotion, founded in 2014 and based in Seville (Spain), is a free-to-play mobile developer behind several racing games with over 700 million downloads worldwide. 87% of their revenue comes from in-game advertising, with the US being the strongest market, accounting for 33% of revenue.