India’s Nazara Technologies has acquired UK gaming studio Fusebox Games for Rs 228 crore (US$27.2 million) in an all-cash transaction.
Fusebox has published an interactive story game Love Island and is developing new games based on well known global TV IPs. In CY23, the company reported revenues of Rs 87.5 crore (US$10.4 million) with an EBITDA of Rs 11.7 crore (US$1.4 million). During CY24, it demonstrated strong growth with YTD revenues (January – July 24) at Rs 116.6 crore (US$13.9 million) with an EBITDA of Rs 33.3 crore (EBITDA of US$4.0 million).
Fusebox operates interactive story games that are primarily monetised through in-app purchases, which is claimed to have accounted for ~92 per cent of the total revenues in the year to date July 2024. Their games mainly target markets including the USA, UK, Australia, Canada, Switzerland, Sweden, Denmark, Norway, New Zealand among others.
Nazara founder and CEO Nitish Mittersain said, “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 IPs 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.”