ASX Release - 7 February 2018
Animoca Brands to acquire Finnish tablet game pioneer Tribeflame
Animoca Brands to acquire 100% stake Finland-based Tribeflame Oy and its subsidiary Benji Bananas Oy for an upfront cash consideration of €50,000, deferred consideration of €50,000, and payments of €100,001 over time based on the revenue earned by Tribeflame Oy, and earn-out payments of up to €150,000, payable in 2020 in cash or shares at the Company’s discretion
Tribeflame has published more than a dozen mobile games, including the popular franchise Benji Bananas, which has been downloaded more than 107 million times
Benji Bananas has 1.5 million monthly active users and, together with its sequels, has generated approximately €2.25 million in gross revenues
The acquisition grants Animoca Brands ownership of Tribeflame and Benji Bananas, as well as their game licenses
The founders of Tribeflame, Torulf Jernström and Marcus Alanen, will join Animoca Brands
Tribeflame to lead development of Crazy Defense Heroes for Android
Animoca Brands Corporation Limited (ASX:AB1, “Animoca Brands” or the “Company”) has entered into a binding share sale and purchase agreement to acquire 100% of the capital of privately owned Tribeflame Oy (“Tribeflame”) and its subsidiary Benji Bananas Oy (“Benji Bananas”) for an upfront cash consideration of €50,000, deferred consideration of €50,000, and payments of €100,001 over time based on the revenue earned by Tribeflame Oy, and earn-out payments of up to €150,000, payable in 2020 in cash or shares at the Company’s discretion (the “Acquisition”). The Acquisition is expected to complete on 8 February 2018.
Tribeflame is one of the world’s first tablet games companies, founded in 2009 in Finland by Torulf Jernström and Marcus Alanen, who will be joining Animoca Brands. Tribeflame has launched more than a dozen games, three of which have topped charts on Google Play™ and the App Store®. The Acquisition gives Animoca Brands full ownership of all Tribeflame and Benji Bananas mobile applications and games including Racecar, Tropical Resort, Benji Bananas, Benji Bananas Adventures, Waypoint Warriors, and many others. Benji Bananas, which was originally published by FingerSoft, is a well known casual game franchise that has been downloaded over 107 million times and earned an estimated €2.25 million in gross revenues since its launch in 2013.
Tribeflame is the second Finnish game company acquired by Animoca Brands, following the purchase of TicBits Oy in July 2016. Tribeflame, also based in Turku, Finland, will co-locate with TicBits with the aim to enhance the Company’s development capability in Finland. Specifically, the Acquisition is expected to accelerate the development of the Android™ version of Crazy Defense Heroes, the Company’s latest tower defense and collectible card mobile title that generated over A$467,000 revenue in its first two weeks of limited release on the App Store in select Asian territories.
About Animoca Brands
Animoca Brands (ASX: AB1) publishes globally a broad portfolio of mobile games and subscription products including several games and e-books based on popular intellectual properties such as Garfield, Thomas & Friends™, Ever After High and Doraemon. The Company is based in Hong Kong and Finland. For more information visit www.animocabrands.com or get updates by following Animoca Brands on Facebook, Twitter or Google +.