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Kuuhubb taking over Codecacao
Posted on Thursday, 13 February 2020 14:20
TSX Venture Exchange-listed Kuuhubb has announced the signing of an agreement to acquire Codecacao, a Croatia-headquartered mobile game developer.
Under the terms of the transaction, the buyer will issue 1.00 million shares in itself as consideration, as well as a cash sum of EUR 150,000.
The stock component of the payment will be split into four tranches, to be paid over a period of two years following closing.
Completion requires the green light from regulatory bodies and shareholders, as well as the go ahead from the TSX Venture Exchange.
Kuuhuub is conducting the transaction through its Recolor subsidiary.
It is not yet clear when closing can be expected to take place.
Finland-headquartered Kuuhuub is a publisher and developer of mobile games, targeting the female market in North America.
The company claims to be a leader in the women’s mobile gaming segment and aims to expand into Asia.
Its offering includes mobile colouring game Recolor, as well as simulation titles like MyHospital and Dancing Diaries.
Software publishing companies are popular targets in M&A deals, with 4,840 such transactions worth a combined USD 161.06 billion announced worldwide during 2019 alone, according to Zephyr, the M&A database published by Bureau van Dijk.
The figures were even higher in 2018, when USD 168.34 billion was injected into software publishers via 4,867 deals.
2019’s largest transaction targeting a company in the sector was worth USD 15.70 billion and involved Salesforce.com acquiring Tableau Software, which makes interactive data visualisation technology.
This was followed by a consortium led by Hellman & Friedman taking over Ultimate Software for USD 11.00 billion back in May.
Other companies in the sector to have been targeted over the 12 months included the likes of LINE Demerger Preparatory Company, Symantec’s enterprise security business, Honey Science and Beijing Kuaishou Technology.
© Zephus Ltd