Popular mobile game company Jam City has completed the process of acquiring Canadian mobile developer Ludia for $165 million.
Jam City announced this acquisition long ago
The company originally planned to go public on the New York Stock Exchange but canceled that plan. With this cancellation news, it was revealed that Jam City also wanted to buy Canadian mobile game company Ludia for 175 million dollars. Although the IPO plan was canceled, the company has completed this acquisition process.
Jam City raised $350 million in equity and debt financing in a financing round to fund the acquisition. The funding round consisted of funds managed by Netmarble, Kabam, and Fortress Investment Group. This process was also the company’s largest funding round to date.
Chris DeWolfe, Jam City Co-Founder and CEO, said: “The synergy between Ludia’s imagination and innovative game mechanics and Jam City’s data science platform creates an excellent relationship between our two companies. The latest funding round solidifies our strategy of acquiring big companies around the world and investing heavily in our existing studios to create enduring entertainment experiences that rival Hollywood blockbusters.”
Montreal-based, Canadian gaming company Ludia has a strong portfolio of games, including augmented reality game Jurrasic World Alive, which has grossed over $100 million in three years since its launch.
