Rovio Entertainment Corp.: Rovio Entertainment to acquire hyper-casual game studio Ruby Games


Rovio Entertainment Corporation              Stock Exchange Release              August 12, 2021, at 8.45 a.m. EEST

Rovio Entertainment to acquire hyper-casual game studio Ruby Games

Entry into hyper-casual market diversifies and grows Rovio’s audience and market footprint

The acquisition will bring a new profitable growth vector for Rovio.

Espoo, Finland, August 12, 2021 - Rovio Entertainment Corporation, the creator of Angry Birds, has entered into an agreement to acquire 100% of the shares in Ruby Games, a hyper-casual studio based in Izmir, Turkey. Ruby Games is the creator of the hit game, Hunter Assassin, the sixth most downloaded game in the world in 2020.

Under the terms of agreement, Rovio will acquire Ruby Games in multiple tranches. In the first tranche Rovio will acquire 20% of Ruby’s shares for USD 10 million in cash. The anticipated closing for the first tranche is by end of Q3-2021 or beginning of Q4-2021. In October 2022, in the second tranche Rovio will acquire 50% of Ruby’s outstanding shares for an amount that is dependent on Ruby’s financial performance as measured by revenue and EBITDA in the previous 12-month period before October 2022, however, not exceeding USD 80 million. The second tranche will be paid 60% in cash and 40% in Rovio’s shares. The remaining 30% of Ruby’s outstanding shares will be purchased in five equal tranches over the next five years with a minimum of 50% in cash and rest in cash or shares at a valuation based on Ruby’s financial performance measured by EBITDA for each period, however not exceeding total EBITDA generated during this period. The number of shares for the consideration paid with Rovio shares is determined by the volume-weighted average daily price during the 20 trading days prior to the closing date of each tranche. Under the terms of the agreement Ruby Games becomes a Rovio subsidiary at closing of the first tranche. 

‘’With the acquisition of hyper-casual game studio Ruby Games, we are taking an important step forward in our growth strategy. By entering the rapidly growing hyper-casual market we are enriching our audience base, and offering our players a more diverse portfolio of titles’’ says Alex Pelletier-Normand, CEO of Rovio. ‘’Ruby Games has launched several successful games and their hit-ratio is impressive. Expanding Rovio’s family with the talented and highly-agile developers of Ruby Games is exciting! Welcome to the flock!

‘’Becoming part of a company that has created one of the most beloved mobile gaming brands in the world, Angry Birds, is exciting and we are very proud of joining Rovio. This acquisition opens up a new chapter for us, and Rovio’s long history and expertise in free-to-play games will help us to reach higher levels. We look forward to working together with Rovio’s other studios, and also to share our knowledge and expertise,‘’ says Mert Can Kurum, CEO of Ruby Games.

Ruby games is continuously developing and launching new hyper-casual games. Four new games were launched in 2020 and three new games so far in 2021. The recently launched Streamer Life was the most downloaded app/game in the USA during the end of July 2021. Ruby Games is currently developing the sequel to the highly successful Hunter Assassin, which is expected to launch at the end of 2021 or beginning of 2022. The sequel to Hunter Assassin will include a deeper meta-game and in-app purchases that builds towards higher long-term retention. In Jan-June 2021, Ruby games generated USD 7.8 million revenue, adjusted EBITDA USD 3.5 million and adjusted EBITDA margin 45.1%. Total assets of Ruby Games on 30th June was USD 4.3 million. 

Strategic rationale of the acquisition:

New growth vector through expansion to fast growing and dynamic hyper-casual market. 

Highly skilled talent. Ruby Games has built a talented and agile team over the years who thrive working in the ambitious and competitive hyper-casual market environment. Employees are highly motivated and have years of experience from game development.

Expanding network of players and games. Adding hyper-casual games to Rovio’s portfolio and expanding geographic and audience footprint enables synergies in e.g cross-promotion across a larger network of players

Diversifying our revenue stream. Extends Rovio’s Advertising Business and increases Rovio’s share of revenue from new IP.

Background info:

Ruby Games:
In 2018 founded Ruby Games employs 34 people in Izmir, Turkey. The studio focuses on developing hyper-casual games, aiming to expand to hybrid-casual games for long-term growth potential. The studio’s best performing game in 2020 was Hunter Assassin, which was the sixth most downloaded game across all categories in 2020 worldwide. The two second best performing games in 2020 were Doctor Care and Riddle Master. Ruby Games has rapid game development and an automated market test process which allows for quick validation and iteration. Since 2018 Ruby Games have launched 13 games of which eight have reached the US Top 10 daily download chart in iOS Games, and three the #1 position. The combined downloads of Ruby Games exceed 600 million.   

Hyper-casual market:
Hyper casual market is growing fast. The market is characterized by a high amount of published games and high volume of downloads. Time-to-market is a key consideration in a very fast-paced market segment. The life-time of a hyper casual game is typically short and the games are simple, involving very light or no live-operations. Hyper-casual games monetize mainly through ads and the games are developed for a diverse audience.

Rovio will release the half year 2021 financial report on August 12th at 9 a.m. EEST. An audiocast and phone conference related to financial results will be organised for analysts, institutional investors and media on August 12th at 2 p.m. EEST. Rovio management will be available to answer acquisition related questions in that call. Details of the call be found in:

An investor presentation outlining the key aspects of the planned acquisition is available on Rovio investor pages at:

Press materials:


More information:
Alex Pelletier-Normand, Rovio CEO
Media desk: +358 40 485 8985

Nasdaq Helsinki Ltd
Key media

About Rovio:
Rovio Entertainment Corporation is a global, mobile-first games company that creates, develops and publishes mobile games, which have been downloaded over 4.5 billion times so far. Rovio is best known for the global Angry Birds brand, which started as a popular mobile game in 2009, and has since evolved from games to various entertainment and consumer products in brand licensing. Today, Rovio offers multiple mobile games, animations and produced The Angry Birds Movie in 2016. Its sequel, The Angry Birds Movie 2, was released in 2019. Rovio is headquartered in Finland and the company's shares are listed on the main list of NASDAQ Helsinki stock exchange with the trading code ROVIO. (

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