Modern Times Group MTG AB announced that its blockchain-focused portfolio company Kongregate is expanding through the acquisition of Chilean development studio Gamaga.
The deal internalises the close working relationship between the two companies, as Gamaga has been supporting Kongregate in various blockchain gaming initiatives since 2021. The acquisition values Gamaga at between $5 and 7 million.
Gamaga is a work-for-hire mobile gaming developer based in Santiago, Chile, with a team of approximately 40 people. They have an experienced development team and have worked with established brands like Sony, Div3rsion and iEntertainment Network on multiple successful games.
The studio also owns the source code for two game engines that have been used to power hit games that have generated over 200 million downloads during their lifetime. One of Gamaga’s latest games the studio has worked on has been Cobra Kai, a mobile card game based on the hit Netflix tv series. The studio’s primary...
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