M&A advisory for gaming companies
Gaming M&A consolidated dramatically through 2021 and 2022 across mobile, PC and console publishers, then slowed as live-service economics tightened and mobile UA costs rose. Activity has resumed around studios with proven live-service titles, defensible IP and mobile portfolios that hold up under post-IDFA attribution - and around platforms and tools where the strategic logic is independent of any single title's performance.
The buyer set is concentrated and known. Listed publishers - Take-Two, Embracer, Electronic Arts, Tencent, Krafton, NetEase, Sony and Microsoft Gaming - drive most large-cap activity, with corp dev teams running active programmes against portfolio gaps. PE platforms with gaming theses - including Apollo's gaming positions, EQT, KKR through portfolio companies and the sponsors behind the consolidator vehicles - back the larger sponsor deals. Flow has direct access across the publisher corp dev teams and the PE platforms.
Flow team has relevant sector experience and has worked with gaming companies across mobile free-to-play studios, PC and console developers, live-service operators, casual and hyper-casual publishers and gaming platforms and tools.
"Gaming" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing gaming M&A targets
DAU
MAU
Paying user share
ARPDAU
ARPPU
D1 / D7 / D30 retention
Session length
Live-ops revenue share
UA cost per install
Paying-player LTV
Platform fee leakage
Title concentration
Gaming valuations in May 2026
Public gaming comps trade at 2.1x EV/Revenue. Median revenue multiple across gaming M&A deals was 2.1x in the last 12 months.
2.1x
Median EV/Revenue as of May 2026 for public gaming companies
11x
Microsoft is the highest valued public gaming company based on EV/Revenue (excluding outliers)
2.1x
Median EV/Revenue across gaming M&A deals in the last 12 months
11x
Median EV/Revenue across gaming VC rounds in the last 12 months
Key recent gaming M&A deals
$55B acquisition of Electronic Arts by Saudi Arabia's Public Investment Fund was the largest gaming M&A transaction completed in the last year.
See all gaming M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Sep-25 | Electronic Arts |  | Electronic Arts is one of the largest global developers and publishers of video games. Its most important franchises are the Madden NFL and FC soccer games, which it releases annually. In 2024, it also relaunched its American college football game. Other major franchises include Apex Legends, Battlefield, and The Sims. Typically, about three quarters of the firm’s sales are from in-game spending, with the remainder coming from initial game sales. | Saudi Arabia's Public Investment FundAffinity Partners+1 | $55B | 7.2x | |
Mar-26 | Moonton |  | Moonton is a Shanghai-based video game developer and publisher known for Mobile Legends: Bang Bang, a multiplayer online battle arena title with over 1 billion downloads since 2016. The company produces mobile RPGs and sports simulations like Magic Chess, featuring high-fidelity graphics on Android and iOS. Moonton operates esports leagues across Southeast Asia, partnering with Riot Games for fair play initiatives. Its titles generate revenue through in-app purchases and ads, serving 100 million monthly active users globally. | Savvy Games Group | $6.0B | 26x | |
Jul-25 | Bally's (international interactive unit) | | Bally’s International Interactive is the iGaming division of Bally’s Corporation that operates online casino, bingo, poker, and sports betting platforms across Europe and other regulated markets. The Excite Platform handles player account management, wallet services, and compliance, while the Engage Aggregator delivers over 2,000 games from suppliers including IGT, NetEnt, Evolution Gaming, and Playtech, plus proprietary slots from in-house studios. Flagship brands feature Jackpotjoy for bingo, unique poker variants like Wild Seat Poker, and free-to-play titles with community chat and live dealer streams. Licensed by the UK Gambling Commission, the unit serves players in the UK, Belgium, and Italy from its London headquarters, following Bally’s 2021 acquisition of Gamesys Group. | Bally's Intralot | $2.9B | 3.9x | |
Feb-26 | Loom Games |  | Loom Games is a mobile studio crafting hybrid-casual puzzle games with innovative mechanics for broad player engagement. | Scopely | $1.0B | - | |
Feb-26 | Mattel163 | | Mattel163 is a game developer and publisher specializing in classic and mobile titles based on Mattel toys and games properties. | Mattel | $318M | 2.1x | |
Dec-25 | I | Indygo Group |  | Indygo Group is a Singapore-based publisher developing and releasing mobile games for global audiences. | NCSOFT Games | $155M | 1.9x |
Jan-26 | Sequence |  | Sequence is a blockchain infrastructure provider and game studio enabling web3 access for digital asset ownership. It offers developer tools for building decentralized economies, including wallet integration and NFT marketplaces. Horizon-based, the platform powers games like Star Atlas and supports cross-chain transactions on Solana. | Polygon Labs | $125M | - | |
Jul-25 | Eleventh Hour Games | | Eleventh Hour Games is a New Zealand-based studio developing action RPGs for PC and consoles. The company publishes Last Epoch, a persistent online game featuring deep character customization, loot systems, and endgame content in a dark fantasy world. | Krafton | $96M | 2.5x | |
Nov-25 | Cocos | | Cocos is a San Francisco-headquartered game development platform providing tools for building, publishing, and monetizing 2D games across mobile, web, and desktop. Cocos Creator engine supports JavaScript and TypeScript for HTML5 exports compatible with WeChat Mini Games and Facebook Instant Games. The ecosystem includes analytics dashboards and ad mediation with ironsource. Used by 1.6 million developers worldwide since 2012, it powers titles like Badland. | SUD Sudden Technology | $72M | 0.1x | |
Jul-25 | WHOW Games |  | WHOW Games publishes free-to-play social casino apps including MyJackpot, Lounge777, and licensed titles like Merkur24. Available on web and mobile, the platforms incorporate slots, table games, social donations, and community chats. Hamburg-headquartered WHOW emphasizes web-to-app transitions and cross-promotions to engage millions of players across Europe. | DoubleDown Interactive | $64M | 1.4x | |
Aug-25 | kammelna |  | Kammelna is an online card game platform popular in the Kingdom of Saudi Arabia, featuring multiplayer gameplay and tournaments. The Riyadh-based service offers various card game modes with in-app purchases and leaderboards for competitive players across the region. | Impact46 | $53M | - | |
Feb-26 | Stereolabs | | Stereolabs is a San Francisco-headquartered computer vision company developing stereo cameras and AI software for depth perception. The ZED 2i camera powers robotics, drones, and AR with metric depth up to 20 meters and SLAM capabilities. Thousands of developers integrate its SDK into applications for 3D mapping and object tracking worldwide. | Ouster | $35M | 2.2x | |
Aug-25 | I | Inspired Entertainment (UK gaming unit) | | - | Genda | $25M | - |
Feb-26 | Ergatta | | Ergatta is a Brooklyn-headquartered developer of digital fitness equipment, including a connected wooden rowing machine launched in 2019. Users engage in gamified workouts through an app delivering personalized training plans and social challenges. | Interactive Strength | $20M | 1.9x | |
Oct-25 | N-Dream AG (AirConsole) |  | N-Dream AG is the Zurich-based creator of AirConsole, a cloud-gaming platform that turns smartphones into multiplayer controllers. The company develops browser-based games accessible via TV screens, focusing on social gaming experiences without downloads. | KPIT Technologies | $19M | 9.5x |
Most active buyers of gaming companies
TimberWolf, Scopely and Atari are the most active acquirers of gaming companies in the last three years.
See all gaming acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
 | TimberWolf | | TimberWolf is a content production studio creating projects for film, television, and video games. Located in Pensacola, Florida, it applies agile development to narrative-driven games and scripted series, with credits in indie horror titles and regional documentaries. | Irrational GamesLionhead StudiosPandemic Studios+2 | 6 |
Scopely | | Scopely is a Culver City, California-headquartered mobile game publisher operating franchises like Star Trek Fleet Command, MARVEL Strike Force, and Stumble Guys. It maintains studios in Barcelona, Dublin, Bangalore, and Shanghai, leveraging the Playgami platform for live-ops across 12 markets. | Loom GamesPokémon GONiantic (games unit)+2 | 5 | |
Atari |  | Atari SA is in the electronic gaming and multimedia business sector. It is engaged in the design, production, publishing, and distribution of all multimedia and audiovisual products and works, including entertainment products in any form, such as software, data processing, and content. It owns and manages a portfolio of more than four hundred special games and franchises, including world-renowned brands like Pong, Breakout, Asteroids, Missile Command, Centipede, and RollerCoaster Tycoon. Atari provides various types of gaming, which include mobile and online arcade games such as roller coaster tycoon, haunted house, pong world, circus Atari, centipede, breakout, and others. The group has three lines of business: Games, which generates maximum revenue, Hardware, and Licensing. | Implicit ConversionsThunderful GroupIntellivision Entertainment+1 | 4 | |
Behaviour Interactive | | Behaviour Interactive is a Montreal-headquartered independent video game developer targeting digital platforms since 1992. The studio produces titles such as Dead by Daylight and Rogue Company, partnering with publishers including Ubisoft, Activision Blizzard, Bethesda, Sony, Microsoft, and Disney. With a focus on multiplayer experiences, it operates from studios in Montreal and Toronto, distributing games globally via Steam, PlayStation, Xbox, and other consoles. | The Fun Pimps EntertainmentRed Hook StudiosCodeglue | 3 | |
Krafton |  | Krafton Inc is a South Korea-based game developer and publisher engaged in creating and distributing PC, mobile, and console games. Its activities also extend to game software services, mobile app development, video content production, and related investment and consulting work. The company manages multiple studios, including PUBG Studio, Bluehole, RisingWings, Striking Distance Studios, Dreamotion, and Unknown Worlds, and is known for titles such as PUBG: Battlegrounds, New State Mobile, BGMI, Defense Derby, The Callisto Protocol, Ronin: The Last Samurai, Road to Valor, Moonbreaker, and Subnautica. | Eleventh Hour GamesNautilus MobileTango Gameworks+1 | 3 | |
Reforged Studios |  | Reforged Studios publishes independent video games with expansion potential. The firm acquires titles in strategy and RPG genres for console and PC distribution. Headquartered in Austin, Texas, Reforged partners with developers to enhance games like Age of Darkness: Final Stand. | HeadupYellow Lab GamesGround Shatter | 3 | |
Playtika |  | Playtika Holding Corp is engaged in developing mobile games. Some of its games include Board Kings, House of Fun, Poker Heat, Slotomania, and Bingo Blitz. The company has built live game operations services and a proprietary technology platform to support its portfolio of games. It derives revenue from the sale of virtual items associated with online games. Geographically, the group has a business presence in the USA, EMEA, APAC, and Other regions of which key revenue is derived from the USA. It offers both Mobile and Web-based platforms. | SuperPlayInnplay LabsYouda Games Holding B.V | 3 | |
Spielworks | | Spielworks is a blockchain gaming platform integrating digital asset ownership and token handling into mass-market games. The company develops play-to-earn models using WAX blockchain technology, enabling secure in-game economies and NFT trading for titles distributed through Steam and Epic Games Store. | ChainmonstersWasderAtomicMarket | 3 | |
Keywords Studios |  | Keywords Studios is a Dublin-headquartered provider of outsourced services to the video game industry, covering localization, quality assurance testing, art production, audio services, and player support throughout the development lifecycle. The company maintains studios across Europe, North America, and Asia, partnering with developers and publishers such as Electronic Arts, Activision Blizzard, and Nintendo to enhance game quality and global reach. Founded in 1998, Keywords Studios supports full game development pipelines from concept to post-launch maintenance. | Certain AffinityWushu StudiosThe Multiplayer Group | 3 | |
Virtuos | | Virtuos is a Singapore-headquartered game studio delivering full-cycle development and AAA 3D art for console, PC, and mobile titles. Studios in China, Europe, Canada, and the US serve publishers like EA, Ubisoft, and Activision. | AbstractionPipeworksThird Kind Games | 3 |
Founders and investors we've worked with
We've supported winning builders across gaming and beyond.
Pure
We provided buy-side advice to Russmedia on its acquisition of Pure, a London-based casual online dating platform, supporting commercial diligence and deal execution.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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