Azerion, a leading European digital advertising platform, announced the sale of its subsidiary Whow Games, the lion’s share of its Premium Games segment, to DoubleDown Interactive, part of South Korea-based DoubleUGames, for a total consideration of €65 million.
The deal consists of an upfront payment of €55 million and an earn-out of up to €10 million, subject to customary adjustments.
Back in March 2025, DoubleUGames completed the $27 million acquisition of Turkish studio Paxie Games.
Azerion was advised by Mihada Capital as a financial advisor on the transaction.
The transaction marks another significant step in Azerion’s strategy, a journey the company has been on for some years now, reinforcing digital advertising as the company’s core business. In addition, Azerion continues to expand into cloud infrastructure and AI-driven solutions.
The sale follows a series of portfolio optimisations, including the divestment of its social card games portfolio in 2023 for €81.3 million. With a strong position as one of Europe’s most innovative players in digital advertising,
Azerion is now also addressing growing European demand for scalable cloud and AI alternatives to large US providers. After more than 10 years of developing AI software and cloud services for its own use, Azerion is now offering these services to clients. This puts it in markets where many European companies are currently seeking an alternative to the American tech giants.
Reinforcing digital advertising
“We are excited to take this further step to strengthen our digital advertising business.
This sale enables us to dedicate even more resources and attention to realizing our growth and expansion plans. We are also demonstrating once again that our investment strategy can create long-term value for our shareholders.”
Sebastiaan Moesman, Chief Strategy Officer of Azerion
Azerion recently launched Azerion Intelligence, a platform offering affordable and independent cloud hosting as well as access to a range of open-source AI tools.
“Across Europe, companies and public institutions are increasingly looking to bring their data closer to home to be less reliant on one partner.
While this desire is not new, we’re seeing a clear shift in priority. Organisations are now actively seeking alternatives to major cloud providers. At the same time, demand for local, cost-efficient AI services is on the rise. Azerion is well positioned to support organisations ready to take the next step in digital sovereignty.”
Sebastiaan Moesman, Chief Strategy Officer of Azerion
Industry veteran Jim Ying, who newly founded Mihada Capital, commented on the news:
Proud to have advised Azerion on the sale of WHOW Games GmbH Games to DoubleU Games Co., Ltd. Games in a transaction valued at €55 million upfront, with up to €10 million in earn-outs — one of the first deals under the newly launched Mihada Capital banner.
Jim Ying – Managing Director/Founder at Mihada Capital
Whow has built a strong presence in the European social casino space with standout brands and a team that truly understands the market. It’s been a pleasure working closely with Joost Merks and the deal team at Azerion — Henning Hegemann, F. Imren Tunc, and Michiel Walinga — congrats to you all on a fantastic outcome.
And thanks to Yuliya Nabieva for the initial intro!
Jay Choi and the team at DoubleU Games — Shiwoo KIM, Tyson Jae Young Kim, Youngsol Yu — excited to see what the Whow and DoubleU teams will accomplish together in this next chapter.
