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03/2026100%

Atm Gaming acquired by Asmodee Group

FRANCE Software / Gaming & Consumer Apps EV €100–350M

Context

Asmodee has finalized the acquisition of 100% of the French publisher ATM Gaming, marking the group's largest acquisition since its recent listing on the Stockholm stock exchange. The transaction is structured as a combinaison of cash payment, newly issued Asmodee shares, and a deferred payment component. This acquisition allows Asmodee to significantly reinforce its position in the "party game" category, which is currently seeing the highest growth rates in the industry. The group anticipates strong financial performance from the target, with Revenue and EBITDA projected to grow by 47% in 2026, reaching €50 million in sales and an EBITDA of €25 million, maintaining a robust 50% EBITDA margin. The deal includes an earn-out mechanism based on the target's performance over the next five years, aligning the interests of the founders with the group's long-term profitability goals. Strategically, this move signals a resumption of Asmodee’s historical M&A program, which has historically accounted for nearly half of the group's total expansion. By integrating ATM Gaming’s popular titles, Asmodee intends to deploy these IPs across its global distribution network to maximize international sales.

Atm Gaming, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

ATM Gaming is a high-growth French publisher specializing in the "party game" segment, currently identified as the most dynamic category in the tabletop gaming market. The company’s business model focuses on mainstream, easy-to-learn social games with high viral potential and mass-market appeal. Its portfolio includes major commercial successes such as Speed Bac, which has surpassed 2 million units sold, as well as recent hits like Pili Pili and Mouton Mouton. ATM Gaming leverages a fast-to-market product development cycle and strong retail distribution to capture the growing demand for social entertainment. By focusing on high-volume, accessible intellectual property (IP), the company has established itself as a key innovator in the consumer gaming space, achieving significant profitability and rapid revenue scaling within the European market.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€25–50M
€5–25M
[members only]
2024
€25–50M
€5–25M
[members only]

Other operations with Asmodee Group

Other operations with Asmodee Group
DateAcquirerTargetCountrySector
01/2022EMBRACER GROUPASMODEE GROUPFRANCEConsumer Products
07/2018PAI PARTNERSASMODEE GROUPFRANCEConsumer Products
01/2014EURAZEOASMODEE GROUPFRANCEConsumer Products
11/2007MONTEFIORE INVESTMENTASMODEE GROUPFRANCEConsumer Products

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REFERENCES

Valuation range: EV €100–350M

Revenue range: €25–50M

EBITDA range: €5–25M

EV/Revenue range: 4x - 10x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Atm Gaming by Asmodee Group are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: atm gaming

FAQ

What transaction does this page cover?

This page covers Asmodee Group’s acquisition of 100% of Atm Gaming, a French company specialised in Gaming & Consumer Apps, in 2026.

How was the acquisition of Atm Gaming by Asmodee Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 4x - 10x range. Exact figures are available to members.

What were Atm Gaming’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Atm Gaming generated annual revenue estimated in the €25–50M range and EBITDA in the €5–25M bracket (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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