Swedish Free-to-play gaming studio Stillfront group has completely acquired Moonfrog labs including its Dhaka based subsidiary Ulka Games Limited. The Stockholm based gaming giant has bought 91 per cent of the share by 90 million USD and the rest 9 per cent will be transferred in 3 tranches till 2023 on the basis of the performance of Moonfrog Labs.
This acquisition, as believed, will usher in new opportunities for the local gaming industry and provide a ray of hope for gaming startups and aspirants since there is a lack of investment and incentives for local startups.
Mobile games is considered to be one of the brightest prospects in the business sector. 51 per cent of the USD 180 billion worth gaming industry came just from mobile games. This is more than the sum total of the box office (USD 42.2 billion) and music industry (USD 21.5 billion) combined.
Given the sheer number of smartphone users in the country, the mobile gaming industry has not gained much ground as it could have. Among them, Ulka games has been a trendsetter in the still fledging gaming industry. They have developed a plethora of popular games like Ludo, Twenty-nine, Tiny Cricket, etc. Ludo club alone has been downloaded more than 60 million times.
Ulka games is one of the fastest growing gaming studios in the country. It was founded by Zamilur Rashid in 2019. They have a team of 50 gaming professionals.
Stillfront is a global group of gaming studios which is a market leader in free to play online strategy games. This publicly listed company was founded by Jörgen Larssonwho is their current CEO of the company.
