Hamburg, Germany. May 9th, 2016
Stillfront finalizes acquisition of Bytro Labs
Stillfront Group AB (publ) (“Stillfront”) finalizes its acquisition of Bytro Labs GmbH (“Bytro”). Stillfront acquired 51% of the shares in Bytro in 2013. In accordance with the acquisition agreement entered in 2013, Stillfront now completes the acquisition of the remaining 49% of the shares. The purchase price, based on Bytros sales and earnings in 2015, consists of a combination of a cash payment and shares in Stillfront. The board of Stillfront will convene an extraordinary meeting shortly, at which the meeting is to resolve on the issue of 560,724 new shares as the share component of the purchase price.
The acquisition is effective as of January 1, 2016. Stillfront consolidates 100% of Bytro’s results starting January 1, 2016.
The acquisition of the remaining 49% of the shares in Bytro will strengthen the pre tax profit attributable to the parent’s shareholders. This would in 2015 pro forma be strengthened by 2,787 KSEK.
Jörgen Larsson, CEO, comments
“We are very pleased with the development in Bytro both in terms of revenues and earnings, but also when it comes to development plans of the business. I congratulate the entire team at Bytro for the fantastic development it has shown since Stillfront acquired Bytro in 2013. Bytro accounts for the largest share of revenue in Stillfront and is an important piece of Stillfront’s future. Bytro is an example of a very successful acquisition in line with Stillfront’s acquisition strategy.” says Jörgen Larsson, CEO.
For additional information, please contact:
Jörgen Larsson, CEO at Stillfront
Phone: +46 70 321 18 00
Sten Wranne, CFO at Stillfront
Phone: +46 70 585 12 58
Stillfront is an independent creator, publisher and distributor of digital games – with a vision to become one of Europe’s leading indie game creators and publishers. Stillfront operates through four near-autonomous subsidiaries: Bytro Labs in Germany, Coldwood Interactive in Sweden, Power Challenge in the UK and Sweden, and Dorado Online Games in Malta. Stillfront’s games are distributed globally. The main markets are Sweden, Germany, the United States and South America. For further information, please visit www.stillfront.com.
Stillfront’s portfolio includes games across multiple platforms. Unravel, developed by Coldwood in collaboration with Electronic Arts, won 20+ awards at E3 and gamescom and was released in February 2016. Supremacy 1914 and Call of War are high-immersion war strategy games developed by Bytro Labs. ManagerZone is a sports management strategy game launched in 2001. Gladiators Online is an action management strategy game, launched on Steam in Q4 2015.
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