MAG Interactive acquires QuizDuel developer FEO Media
Update: Swedbank Robur's Microcap fund will finance MAG's third acquisition with $9.7 million investment
Update: MAG Interactive will fund its acquisition of FEO Media with help from Swedbank Robur's Microcap fund, which will invest SEK 80 million ($9.7 million) in the Swedish mobile developer.
Swedbank Robur is the largest fund manager in the Nordic region, and it intends to play a part in developing the Nordic game sector.
"Mobile games have proven over time to be a stronger and more profitable business than most of us expected a few years ago, and MAG is a great example of that with a global, profitable business with fantastic future potential," Microcap fund manager Erik Sprinchorn said in a statement.
Original Story: Swedish mobile developer FEO Media has been brought into the fold at MAG Interacitve, following an acquisition for an undisclosed sum.
MAG Interactive is best known as the Swedish firm behind word game Ruzzle and its various spin-offs. The acquisition not only expands its portfolio of trivia games, it also expands its userbase.
According to CEO Daniel Hasselberg, combining FEO's monthly active users with MAG's bring the total up to 10m. Meanwhile, cumulative downloads exceed 200m.
Hasselberg also notes that QuizDuel's success in Germany and Russia opens his company to opportunities in those market, while MAG's position in other markets such as the USA will help FEO's games reach new audiences.
FEO Media is the third acquisition MAG Interactive has made since 2014. First it purchased WordBrain, then UK developer Delinquent Interactive in 2015.
Hasselberg added: "This is a truly exciting step for MAG. With FEO Media under our wing, we are expanding our footprint and becoming a leader also within the trivia games category."