PLAYDIGIOUS
Acquired by
FRAGBITE GROUP
PLAYDIGIOUS acquired by FRAGBITE GROUP
Target
PLAYDIGIOUS
Acquirer
FRAGBITE GROUP
Context
Fragbite Group entered into a definitive agreement to acquire 100% of Playdigious to spearhead its expansion into the indie publishing sector. The transaction was structured with an upfront payment and several earn-out tranches totaling €3.5 million payable through 2023 to align future performance. This strategic move allowed Fragbite to internalize "cutting-edge" porting expertise and establish a new revenue stream within the premium mobile gaming segment, while the founders remained at the helm to lead the group’s new publishing division.
PLAYDIGIOUS, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the average currently observed in the TMT (Tech, Media, Telecom) sector (13.2x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Founded in 2015, Playdigious is the global market leader in adapting acclaimed indie PC and console titles for mobile platforms. The studio is renowned for its high-quality "porting" services, having successfully brought hits like Dead Cells, Northgard, Little Nightmares, and TMNT: Shredder’s Revenge to mobile audiences, including specialized releases for Netflix Games. With a track record of over 30 titles and multiple industry accolades—such as the Pégases Award for Best Mobile Game—the firm manages the entire lifecycle of a mobile adaptation, from technical development to global publishing.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with PLAYDIGIOUS
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 10/2025 | GRIFFIN GAMING PARTNERS | PLAYDIGIOUS | FRANCE | Software | Griffin Gaming Partners acquired 100% of the assets and publishing rights of Playdigious from Fragbite Group. The transaction represents a significant "pavillon" shift from Swedish to American ownership and serves as Griffin's inaugural buyout deal. The strategic rationale centers on integrating Europe’s premier mobile porting service into Griffin's vast ecosystem to unlock global expansion opportunities for indie developers. Post-acquisition, the founding team—including Xavier Liard and Romain Tisserand—will remain to lead the business, while Griffin Operating Partner Tim Bender (CEO of Hooded Horse) has been appointed President to oversee strategic partnerships and scale the company’s porting capabilities. |
REFERENCES
Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Acquirer: fragbite group