Source: Startit | Thursday, 19.11.2020.| 15:10
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Serbian Mad Head Games Acquired by Swedish Embracer Group

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Illustration (Photo: Iryna Tiumentseva/shutterstock.com)
Embracer Group (formerly THQ Nordic and Nordic Games Publishing) has decided to acquire 12 game studios, including Mad Head Games from Novi Sad, VentureBeat reports.

With its 130 employees, Mad Head Games will remain an independent game studio, which will still be run by the three Serbian founders. Their two studios in Belgrade and Novi Sad are to join Embracer Group through their publisher, Sabre Interactive.

The Swedish company has also acquired Thinking Ape Entertainment in Canada (82 people), Nimble Giant Entertainment in Argentina (75 people), Snapshot Games in Bulgaria (65 people), 34BigThings in Italy (28 employees), Zen Studios in Hungary (65 people), IUGO Mobile Entertainment in Canada (86 people), Purple Lamp Studios in Austria (38 people), Quantic Lab in Romania (390 people), Coffee Stain North (22 people), Flying Wild Hog in Poland (260 people) and Silent Games in England (30 people).

The 11 studios and PR agency add at least 1,273 new employees to Embracer Group’s growing ranks, as that pushes the company over 5,000 workers. The Karlstad, Sweden-based company said it has 135 game projects in the works right now, up from 118 in May. Embracer raised USD 661 million in cash via a stock sale on October 8, VentureBeat writes.

Embracer Group expects this acquisition to bring them 100 to 120 million dollars by March 31, 2022.
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