Stillfront Group acquired a studio with Ukrainian roots Game Labs for $32.5 million

The Swedish Stillfront Group has replenished the portfolio. A studio with Ukrainian roots, Game Labs, known for the strategic games Naval Action and Ultimate General, came under the leadership of the company.

This Land Is My Land
The deal cost the Swedes $32.5 million.

Of these, they transferred $22.75 million in cash, and the remaining $9.75 million in their own shares. Later, Game Labs may receive up to $30 million more if it shows good financial results in 2021-2023.

According to Jörgen Larsson, CEO and founder of Stillfront, the takeover will allow his company to strengthen its position in the converged games market. In return, the Swedish publisher promises to help Game Labs with scaling its projects.

Now developers will be engaged not only in premium PC titles, but also in free-play mobile projects and game services. The studio is currently working on two unannounced titles, the release of one of which in early access format is scheduled for the last quarter of 2021.

Game Labs is expected to earn $8.4-9.6 million in 2021.

Game Labs was founded in 2013. Her team consists of 30 people from Ukraine, Russia, Greece, Dubai, Italy and Estonia. The most famous games of the studio are: Naval Action, Ultimate General: Civil War and This Land is My Land. The latter was at the center of a scandal a month ago due to accusations of appropriation of Indian culture.