Hong Kong-based publisher Animoca Brands has announced its acquisition of Finnish mobile developer Tribeflame.
In a deal worth €350,000, Animoca Brands acquired Tribeflame and all of its game licenses, including Benji Bananas which has generated a gross revenue of €2.5 million from its 107 million downloads and 1.5 million monthly active users.
Animoca Brands has paid €50,000 upfront in cash for the studio, with a deferred payment of a further €50,000. Additional payments of up to €100,001 may be paid based on performance, and an earn-out payment of up to €150,000 will be paid in 2020 in cash or shares.
Founded in 2009 by Torulf Jernström and Marcus Alanen, Tribeflame has published over a dozen mobile games.
The acquisition is expected to accelerate the development of Crazy Defence Heroes, Tribeflame's latest tower defence and collectable card title which generated AU $467,000 in its first two weeks of limited release on the App Store in select Asian territories.
This is the second Finish studio acquired by Animoca Brands, which took over TicBits in July 2016. The two studios will co-locate in the city of Turku.