Saudi's Savvy Games Group Acquires Scopely for $4.9 Billion to Expand Global Gaming Empire

Highlights

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• Savvy Games Group's latest acquisition is Scopely, a maker of mobile games based in California, for $4.9 billion.
• Saudi Arabia's Public Investment Fund (PIF) is investing heavily in various sectors, including gaming.
• Savvy Games Group, a gaming and esports company established in 2020, aims to make the kingdom a global hub for gaming.
• Savvy Games Group has acquired stakes in prominent gaming companies such as VSPO and FunPlus.
• Scopely is one of the fastest-growing and most profitable gaming companies in the world.
• Scopely has a portfolio of hit titles, including Star Trek Fleet Command, Marvel Strike Force, Scrabble GO, and Yahtzee with Buddies.

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Saudi Arabia’s Public Investment Fund (PIF) has been making headlines with its ambitious investments in various sectors, from technology to tourism. One of its most notable ventures is Savvy Games Group, a leading games and esports company that aims to make the kingdom a global hub for gaming.

Savvy Games Group, which was established in 2020, has been on an acquisition spree, snapping up stakes in prominent gaming companies such as VSPO, a Chinese esports platform backed by Tencent, and FunPlus, a developer of popular mobile games such as State of Survival and King of Avalon.

But its latest deal is perhaps its most impressive yet: Savvy Games Group has agreed to acquire Scopely, a maker of mobile games based in Culver City, California, for $4.9 billion. Scopely is one of the fastest-growing and most profitable gaming companies in the world, with a portfolio of hit titles such as Star Trek Fleet Command, Marvel Strike Force, Scrabble GO, and Yahtzee with Buddies.

Scopely, founded in 2011 by Walter Driver, Javier Ferreira, Eric Futoran and Ankur Bulsara, has raised over $1 billion from investors such as Blackstone, Greycroft, Horizons Ventures and Wellington Management. The company has more than 1,000 employees across nine offices worldwide, and boasts over 100 million monthly active users.

According to a joint statement by the two companies, Scopely will become an autonomous operation under the Savvy umbrella, and will retain its existing leadership team and creative independence. The deal will “strengthen Savvy’s global position” and enable Scopely to accelerate its growth and innovation.

“Scopely is a remarkable success story in the gaming industry. They have built a diverse and engaging portfolio of games that appeal to millions of players around the world,” said Ahmed Al-Khateeb, Chairman of Savvy Games Group and Minister of Investment of Saudi Arabia. “We are delighted to welcome Scopely to the Savvy family and look forward to supporting their continued growth and expansion.”

“We are thrilled to join forces with Savvy Games Group, a visionary partner that shares our passion for creating immersive and innovative gaming experiences,” said Walter Driver, Co-CEO of Scopely. “With Savvy’s backing and expertise, we will be able to leverage our unique platform and technology to scale our business and reach new heights of excellence.”

The acquisition of Scopely is expected to close in the second quarter of 2023, subject to customary closing conditions and regulatory approvals. The deal marks one of the largest transactions in the gaming industry, and reflects the growing appetite and potential of the global gaming market, which is projected to reach $300 billion by 2026.