Image via MyGames.
Dutch publisher MyGames has sold Mamboo Entertainment back to its founding team after acquiring the studio three years ago. In an announcement, MyGames explained it and Mamboo had "different focuses of our businesses" and elected to part ways.
MyGames CEO Elena Grigorian said the sale will help the company focus on the mid-core market and reinforce its commitment to "innovation and growth" in that sector.
"Working with Mamboo has been a valuable journey," continued Grigorian. "We believe it has strong prospects in their niche and wish the team success in their future endeavors."
According to a representative of Mamboo's founding team, the company delivered "stable" annual revenue growth and a high number of daily players under MyGames' ownership. The studio now intends to focus on developing skill-based gambling titles after previously working on freemium releases. It's a plan the company claims will enable it to become a "top-five player" in that market within the next three years.
MyGames bought Mamboo for over $2 million in 2021 after purchasing a minor stake in the company the previous year. It wanted Mamboo for its presence in the hypercasual game market. At the time, the Abu Dhabi-based studio's Shift Race had amassed 15 million players in three months. Another one of its titles, Billion Builders, was also of China's most-downloaded iOS games.
Looking ahead, Grigorian said MyGames will "remain committed to developing mid-core games that captivate millions, lead their genres, and foster long-term engagement with players." As for Mamboo, she hopes the sale will allow it to "ontinue growing toward their goals and enable their teams to unlock their full potential."
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