With tech exits becoming a rarity in 2023, an L.A. gaming firm is bucking the trend after a recent 10-figure deal.
Scopely is being acquired by Savvy Games Group for $4.9 billion, the companies recently announced.
Founded in 2011 and based in Culver City, Scopely is a games publisher and developer with a catalog of mobile-first titles. Prior to the acquisition Scopely had raised more than $998 million over 10 rounds, according to Crunchbase.
Savvy, a games and e-sports company wholly owned by Saudi Arabia’s Public Investment Fund, has a global footprint of game makers across North America, Europe and Asia.
The acquisition, as is typical, is subject to regulatory approval.
Scopely’s portfolio of free-to-play franchises includes "Star Trek Fleet Command," "Stumble Guys," "Scrabble GO" and "Yahtzee With Buddies."
“Scopely is one of the fastest-growing games companies today, and we have long admired their ability to build loyal, engaged player communities,” Brian Ward, CEO of Savvy Games Group, said in a press release.
The deal comes amid a major slowdown in venture-backed tech exits. Just $5.8 billion was generated from startup exits last quarter, according to venture capital data firm PitchBook Data. That accounts for less than 1% of the total exit value seen in 2021.
Exits have fallen precipitously since the fourth quarter of 2021, when exit value reached more than $200 billion.
Scopely is expected to remain as a standalone company under the Savvy umbrella.
The acquisition is expected to enhance Scopely’s cross-platform approach, with the goal of extending its live services expertise to new segments like PC, console and other genres of game play.
In other Scopely news, the company recently joined with Hasbro to announce the global launch of the free-to-play mobile game “Monopoly Go!”
This game blends classic Monopoly game-play with new experiences and “imaginative” worlds to explore, according to a press release.
Designed to be social, the game connects the global community of Monopoly fans. Mini-games such as “Community Chest” enable friends to work together to earn money and rewards.
There’s also daily tournaments and mini-games where players can earn more rewards.
