Playtika, the developer of popular free-to-play mobile games like Slotomania and Caesars Slots, announced that it had acquired Reworks in a deal worth $600 million.
Reworks, a Finnish startup best known for its home decorating app Redecor.
“Reworks offers us a compelling opportunity to establish a leading presence in a category that clearly commands a lot of interest and will potentially serve as a foundation to enter further areas beyond traditional gaming,” said Playtika CEO and chairman Robert Antokol.
As reported, Playtika has bought 80% of Reworks for $400 million to be paid in cash. The deal also includes up to another $200 million if Rework’s projected earnings meet certain milestones by 2022.
Ilkka Teppo, Reworks’ CEO, commented: “In Redecor, we set out to build a leading entertainment product for the design community and are thrilled to be able to accelerate its growth with a partner like Playtika. Our strong creative capabilities complement Playtika’s expertise in technology and data, a match we think will be very beneficial to our future growth.”
Reworks is a member of EQT Ventures, including German hypercasual studio Popcore and Big Bang Racing developer Traplight. Earlier in 2018, EQT Ventures sold Small Giant Games to Zynga.
On January 15, Playtika raised $1.88 billion by launching its initial public offering. The company sold over 69 million shares for each share priced at $27—surpassing expectations.
Playtika is now forecasting revenue of $2.6 billion for the next fiscal year, following a 20% rise in quarterly revenues after their successful IPO earlier this year.
Don’t forget to share this post
