Fragbite has entered into an agreement with the Sweden-based studio Fall Damage. The deal will be finalized by the end of the month.
The initial purchase price amounts to SEK 20 million ($1.8 million), which shall be paid with SEK 10 million in cash and with SEK 10 million through 4 million newly issued shares in Fragbite Group, which are issued at a price of SEK 2.33 ($0.21) per share.
“The acquisition is optimal for Fragbite Group as it enables considerable synergies, where both Fall Damage’s excellence and the game ALARA Prime lay the foundation for several parallel revenue streams over time. During a period of exclusivity, we already engaged with our global network and are thus in an advanced position to negotiate a publishing deal,” says Marcus Teilman, President and CEO.
“We have an extremely dedicated and professional team that now gets the opportunity to become part of a growing group, within which we can take on all the opportunities that the gaming market offers. On the basis of shared values and a view of the future for Fall Damage, we have established a transaction structure that is beneficial to all parties and enables us to move forward with a new global publisher. Today is the start of an exciting journey for us together in Fragbite Group, where the first step consists of completing ALARA Prime and taking it to market,” says Anders Gyllenberg, CEO of Fall Damage.
Fall Damage was founded in 2016 by Anders Gyllenberg, Mikael Kalms, Markus Nyström, and Dan Vaderlind. Since 2019, Fall Damage has been developing ALARA Prime, a tactical First Person Shooter game.
