The Swedish company Embracer Group has said it will acquire Israeli startup CrazyLabs, a developer and publisher of mobile games.
Embracer Group did not disclose financial details in its Thursday announcement of the agreement, but said the purchase will be made in both cash and Embracer company shares and the current management of CrazyLabs will remain in place.
CrazyLabs had the third most downloads of all mobile gaming publishers in 2020. The firm has recorded 4.5 billion downloads to date and has over 110 million monthly active users, the announcement said.
The company generated revenue of $152.9 million between July 2020 and June 2021, Embracer Group said.
CrazyLabs produces casual, lifestyle and hyper-casual games, which it defines as “lightweight, instantly playable and infinitely replayable — making them highly addictive and very engaging.”
