Aonic Secures €152 Million Investment for Mergers and Acquisitions

Aonic, a Swedish games group, has recently secured a substantial investment of €152 million ($160m) to support its mergers and acquisitions (M&A) activities and facilitate ongoing development within its studios. This investment comes from European investment firm Metric Capital Partners investing €100m ($105m) into the company and Aonic’s majority shareholder, Active Ownership, adding more funds by converting its €52m ($55m) shareholder loan.

Since its inception in 2021, Aonic has been actively acquiring various development, publishing, and service companies. Some of the notable acquisitions under its belt include nDreams, a virtual reality developer, Exmox, a user acquisition platform, Gravite, an ad monetization tools provider, and Red Games Co and TutoToons, both mobile studios. Additionally, its portfolio includes OtherSide Entertainment, led by Warren Spector, and Megabit Publishing, among others.

The company reported a 73% increase in its group revenue over the past year, fueling its expansion and acquisition strategies. Notably, Aonic announced the formation of its Megabit Publishing division earlier in the year and completed the full acquisition of nDreams in November 2023. Other acquisitions in the previous year included Tiny Roar, Otherside Entertainment, and Milky Tea.

It’s essential to mention that in September, nDreams, a subsidiary of Aonic, disclosed plans to lay off 17.5% of its employees due to challenges in the virtual reality market and the tough gaming landscape. This decision was noted to potentially impact staff across all levels of the company.

This recent investment and string of acquisitions further solidify Aonic’s position in the gaming industry as it continues to grow and develop its offerings. The company’s focus on strategic M&A activities and ongoing studio development is expected to fuel its future growth and innovation in the gaming sector.