James van den Bergh of Trufin discusses Playstack’s acquisition & significant contract with a global technology platform

James van den Bergh, CEO of Trufin #TRU discusses their subsidiary, Playstack, which has acquired Magic Fuel Games Inc and also signed a significant contract with a global technology platform, which Magic Fuel will be instrumental in delivering.

Highlights

TruFin is pleased to announce that its subsidiary, Playstack Limited ("Playstack"), a leading games technology business headquartered in London, has acquired Magic Fuel Games Inc. ("Magic Fuel"), a remote games development studio based in San Francisco, USA.  Magic Fuel was founded in 2015 and has since built a portfolio of compelling IP that leverages the teams' years of experience in the simulation and city build games genre.

The total consideration for the acquisition is US$3m in cash, of which $1.5m is payable immediately and $1.5m is payable in twelve months' time. Simultaneous with the acquisition, Playstack has signed a significant contract with a global technology platform which Magic Fuel will be instrumental in delivering. As a result, the acquisition is expected to be earnings neutral to TruFin in 2022 and accretive from 2023.

In the year to 31 December 2021 Magic Fuel made a loss before tax of $2.1m. At the point of acquisition Magic Fuel had net assets of $0.2m.

In addition to the exciting games portfolio, the acquisition adds a breadth of experienced game development talent to Playstack's roster, including the appointment of Magic Fuel's CEO, Kevin Shrapnell, as Playstack's Chief Operating Officer.