Nazara Technologies, a gaming and sports media company, has acquired the UK-based gaming studio Fusebox Games Limited for Rs 228 crore ($27.2 million) in an all-cash deal.
Fusebox is known for publishing the interactive story game “Love Island” and is currently developing new games based on popular global TV intellectual properties. In the calendar year 2023, the company reported revenues of Rs 87.5 crore ($10.4 million) with an EBITDA of Rs 11.7 crore ($1.4 million). In 2024, Fusebox has demonstrated significant growth, recording year-to-date revenues (January to July 2024) of Rs 116.6 crore ($13.9 million) with an EBITDA of approximately Rs 33.3 crore ($4 million).
Fusebox primarily focuses on developed markets, including the US, UK, Australia, Canada, Switzerland, Sweden, Denmark, Norway, and New Zealand, among others. The company employs 30 people, mainly based in the UK.
Earlier this year, Nazara Technologies announced plans to invest $100 million in mergers and acquisitions over the next 24 months. Since then, the company has invested in several ventures and acquired various assets, including the IP rights of Ultimate Teen Patti and assets of another gaming entity.
In the fiscal year ending March 2024 (FY24), Nazara’s revenue from operations increased by 4.3% to Rs 1,138 crore, up from Rs 1,091 crore in FY23. The company’s controlled costs and increased other income contributed to a 23% rise in profit, reaching Rs 75 crore in FY24, compared to Rs 61 crore in the previous fiscal year. Earlier this year, the company also raised Rs 250 crore ($30 million) from various investors, further strengthening its financial position.
