Mobile Games M&A, Issue #1
Why are gaming executives buying game titles like they’re collecting Pokémon cards?
Well, for many this is a retirement strategy, think about the cycle:
Successful founder → Gets acquired → Starts a new company → Gets acquired again → Starts writing Angel checks...that’s fun.
But angel investments will take 5-10 years to give a return. Why not build a games portfolio as a lifestyle business too?
Low maintenance, predictable returns, and can play more with it, AKA grow the games, add more content, etc, when you get bored with “retired“ life and want to be an entrepreneur again....
We all heard it: $55B coming to our industry. This will get us more PE and VC eyeballs, and raise the bar and excitement for founders who are (or will be) looking for an exit in the near future
What else am I hearing? 👀
1. Big players buy small ones:
It is not a question of whether a company is a buyer or not. 99% of the companies are potential buyers. 99% of the ENTERPRISES make acquisitions. The question is whether you have what it takes to pass the entry barrier:
Having the right contact
Bringing the exact right fit
If you bring the perfect-fit title, with a compelling offer, chances of getting a “no” diminish significantly. You can only do this by having, first, a great investor network, and secondly, an enormous catalogue of options. This is why working with firms like ours makes sense.
2. Mid-size players buy mid-size:
Due to the company’s goals shift, new shiny business verticals, and the intention to offload titles or teams. We are getting at least one studio offloading 10-15 titles every other week. At Gamescom this year, an executive called me...
📞 “Hey Evelin, just left our management meeting 5 minutes ago, you are the first person I’m calling. We will offload entirely [this] vertical, which is making [$XXM] per year. Let’s discuss the details next week.”
3. Enterprise execs going solo:
This is not definitive - yet - but they are looking to build their future lifestyle business through micro to small acquisitions, buy through 2-3 years a significant amount of low-maintenance titles that allow them to live from the portfolio. From a conversation today
“I did the entrepreneur career, and after the acquisition of my company, I became an enterprise executive. The journey was great. But sometimes I miss entrepreneurship. So I want to start building this lifestyle business to have it ready in 2-3 years from now, and move my time completely to it.”
If this is you, Apps are a better investment than Angel VC might be a good read 📚
4. [non-developers] buying titles:
PC gaming companies entering the mobile space
Ad Networks looking to own their inventory
E-commerce, blockchain, and other verticals are looking to leverage their distribution skills with apps and games → This is happening already for apps and will happen for games soon: technology (or content in games) is slowly losing its MOATness. The new MOAT is distribution and brand positioning.
Featured buy-and-sell opportunities
1. Looking to acquire 🛒
This is what our buyers are looking for this week ↓
I also have this in sheets, see here
Do your game titles fit the criteria? 👀
Profitable games making more than $25K MRR
Board games, great retention, profitable, > $25K MRR
3-5 Puzzle games, > 3 years old games with steady DAU, it can be games that were big before and now are slowly losing momentum
Genre agnostic, 60% IAP 40% Ads, 3-4 years old, buy based on last 12 months EBIT
Regulated gambling and social casino
Ad Based games, Ad Revenue 70%
Ad Based Android games with organic traffic and steady MAU
$500K MRR or #1 to #50 category ranking, any genre
Rewards-based apps
Casual, hybrid casual, shooter, strategy with active monetization
Games with organic growth only, Russian audiences are preferred
Gaming related services B2B
Organic, good retention, board, cards, social casino, puzzle
Real-money, gambling
Indie games in the Simulation category making $50K MRR+
Saudi Voice Chat apps / mini games
2. Looking for a buyer
This is what we are selling this week! 300+ games on sale, see a bigger list here
Want first access to our hottest deals? Join our vetted buyer list now—only 10 spots left this week!
Sign up here to receive our list every week. All buyers are vetted. We will only add you to the email list if you / your company is qualified to complete an acquisition.
Games on sale ↓
🥏 Zombie survival shooter: iOS & Android; Adventure
🥏 Obstacle parkour runner: iOS & Android; Adventure
🎮 Fantasy knight adventure: iOS & Android; RPG
🏃♂️ Idle monster crushing: iOS & Android; RPG
🧙♀️ Car driving simulator: iOS & Android; Simulation
🧩 Bridge building puzzle: iOS & Android; Puzzle → This title is steal for puzzle genre leading studios!
🏃♂️ Idle factory inventor: iOS & Android; Idle
🎮 Fantasy clash strategy: iOS & Android; RPG
🥏 Zombie survival shooter: iOS & Android; Adventure
🥏 Obstacle parkour runner: iOS & Android; Adventure
🎮 Fantasy knight adventure: iOS & Android; RPG
🏃♂️ Idle monster crushing RPG: iOS & Android; Idle
🧙♀️ Car driving simulator: iOS & Android; Simulation
🧩 Bridge building puzzle: iOS & Android; Puzzle
🏃♂️ Idle factory inventor: iOS & Android; Idle
🎮 Fantasy clash strategy: iOS & Android; RPG
🧙♀️ Crazy airplane landing simulator: iOS & Android; Simulation
🥏 Interactive romance episodes: iOS & Android; Adventure
🥏 Interactive story choice adventure: iOS & Android; Adventure
💼 Cooking town simulator: iOS & Android; Management
💼 Hotel management: iOS & Android; Management
🥏 Top IP adventure: iOS & Android; Adventure
🥏 Defense shooter: iOS & Android; Adventure
🥏 Prison escape puzzle: iOS & Android; Adventure
🧙♀️ Sandbox survival simulator: iOS & Android; Simulation
🌱 Garden management simulator: iOS & Android; Puzzle
👩👧 Anime mother life simulator: Android; Games Simulation
🦖 Dinosaur Jurassic adventure: Android; Games Simulation
🦕 Realistic dinosaur simulator: iOS; Mobile Games
🐉 Dragon world simulator: Android; Casual, Puzzle, Merge
🎡 Amusement park simulator: iOS; Merge, Puzzle, Simulation
🪄 Magic wizard merge puzzle: iOS; Merge
🏭 Metal factory idle tycoon: iOS & Android; Idle
🦒 Wild animal frontier roguelike: iOS & Android; Multiplayer, Strategy
🎥 Cinema makeover simulator: iOS; Match 3, Simulation
🧙♀️ Fashion game: iOS & Android; Simulation
🎾 Secret agent dash runner: iOS & Android; Sports
📚 Game development studio: iOS & Android; Education
🧩 Ball rolling puzzle: Android & iOS; Puzzle
🧩 Beer pong trick shot game: Android; Puzzle
🎰 Casino roulette game: Android; Music Game
🎹 Piano music beats game: Android & iOS; Casino Game
🏀 Basketball arcade shooter: Android; Music Game
🌌 Maze path finder quest: Android; Sports
🎰 Baccarat casino game: Android & iOS; Puzzle
🎰 Number merge 2048 puzzle: Android; Casino Game
🧩 Jigsaw puzzle ultimate: Android; Puzzle
🧩 Wrench mind twist puzzle: Android & iOS; Puzzle
🎰 Las Vegas casino slots: Android & iOS; Puzzle
🐦 Stupid birds game: Android; Casino Game Pack
🎵 Music play simulator: Android; Casual
🏎️ Classic car racing game: iOS & Android; Simulation
🏃♂️ 3D jumping platformer: Android & iOS; Classic, Racing
🏠 Dream mansion makeover: Android & iOS; Casual
🧩 Royal square puzzle: iOS; Match 3, Puzzle
🎮 Bazam group game: Android; Mobile Games
🎲 Two player mini games challenge: Android; Board
🧩 Unscrew nuts and bolts puzzle: Android; Simulation
🏳️ Flag stacking games: iOS & Android; Match 3
🏦 Money tycoon idle city: Android; Rewarded
🍽️ Food match 3 adventure: Android; Simulation, Idle, Tycoon, Management
🎲 Lucky Ludo online board: Android; Puzzle, Match 3, Cartoon
🏃♂️ Vegan running adventure: iOS; Racing, Meme
⚔️ Sword samurai island adventure: Android; Simulation
🚕 Taxi garage manager: Android; Arcade
🛒 Supermarket simulator: Android; Arcade
It’s fun to scroll through all of this list, huh? It’s funny also that our goal is to make this list smaller (sell more titles), but we also need to make it bigger all the time (get more options for our buyers).
Will you contribute making it smaller or longer? 😉
Got a game to sell? Email me at hi@evelinherrera.com - let’s make you the next M&A success story!
What’s next? Issues on latest categories and valuation trends, new-players, and biggest mobile game winners in the space. I’m also building a chart outlining the entire (yes...like, entire) mobile games industry.
Subscribe to see the next ones!
-with excitement,
Evelin