London video game maker sold to Danish company as founder considers new moves
Another London games company has been sold, joining a list of local tech companies that have been ripped off in recent years.
Content of the article
Another London games company has been sold, joining a list of local tech companies that have been ripped off in recent years.
Advertising
This ad has not yet loaded, but your article continues below.
Content of the article
Tiny Titans Studio, the small Dundas Street company that makes arcade games for mobile devices, has been taken over by a Danish company, said Jeff Evans, founder and CEO of Tiny Titans.
Trophy Games Development has purchased 100% of Tiny Titans.
âWe are very excited. That’s what we want to do, âEvans said. âWe were moving from mobile games to console games and we wanted to rename the company in a new direction. We wanted to get rid of the past.
âWe didn’t want to work on mobile games. We wanted a new approach.
Evans wants to focus on making console games and has one in the works called Ember Knights, which will be released in 2022. He has hired all 12 Tiny Titans employees for his new company, which does not yet have a name.
Evans said he was unsure whether Trophy would integrate Tiny Titans into its Danish operations.
Advertising
This ad has not yet loaded, but your article continues below.
Content of the article
The sale has been in the works for about five months and took place when Evans decided to focus on console game development.
âWe decided maybe it wasn’t a bad idea to spin it and started digging around and we came across Trophy,â he said.
In recent years, the list of London-owned games companies has shrunk. Big Blue Bubble was sold to Swedish company EG7 in 2020 for $ 16 million. In 2019, Race Roster, a London-based company that creates software for running, was sold to Asics, the Japanese running shoe company. In 2014, Digital Extremes was sold to Multi Dynamic Games Group Inc., a Chinese subsidiary, for $ 73 million. While not a games or sports company, Carproof was sold in 2015 to the Colorado-based company that owns Carfax for $ 650 million.
Advertising
This ad has not yet loaded, but your article continues below.
Content of the article
“It’s great to see so many London companies on the radar for international investors, for foreign buyers,” said Kapil Lakhotia, managing director of London Economic Development Corp.
âLondon is on the radar as a hub for technology and it’s good to see. “
Lakhotia dismissed the idea that loss of local ownership should cause concern, saying it’s not unusual to have consolidation among tech companies. Many of the businesses sold have grown after their purchase, he said.
âIt is not uncommon for companies to receive investments, they have more liquidity.
Andrew McClenaghan, a London-based tech entrepreneur, sold his Digital Echidna business to Northern Commerce, also a web development firm in London, and it has created 70 jobs in the past year to now employ more than 200.
Advertising
This ad has not yet loaded, but your article continues below.
Content of the article
âThis means entrepreneurs in London are able to build businesses that have global reach. This is one of our advantages and we have to brag a little more about it, âsaid McClenaghan.
Trophy Games, with 40 employees, is a Denmark-based games studio that develops mobile and PC games that primarily focus on soccer themes, but is looking to expand into other titles, the company based in Copenhagen in a press release.
âTiny Titan has built a strong portfolio of popular arcade games with positive cash flow that fits perfectly with our growth strategy,â said Soren Gleie, Managing Director of Trophy.
Tiny Titan games have been downloaded from Google Play 796,757 times in the past three months, he said. Tiny Titan’s estimated revenue for 2021 is 2.8 million Danish kroner, the equivalent of C $ 540,000.
âWe believe we can improve monetization and use their assets to generate solid income for years to come,â Gleie said.
Tiny Titans was founded in 2013 and released its first game in 2014. It is well known for creating the popular Dash Quest game series.
Trophy Games was founded in 2006.
Advertising
This ad has not yet loaded, but your article continues below.
Comments are closed.