Poland-based mobile game developer Huuuge Games unveiled it was mulling acquisitions of Western and Central European studios to boost its portfolio, after failing to cash in on a growing market.
In its 2020 earnings statement, Huuuge Games explained it was evaluating a number of takeover options in the field of mobile free-to-play games and developers, alongside companies specialised in technology and user acquisition.
The company said it would fund acquisitions from the approximately $100 million raised in an IPO in February, which it described as the biggest public offering for any mobile gaming company in Europe.
Huuuge Games said potential takeovers would be aligned with its vision to “transform mobile gaming into a massively social experience” and to “empower billions of people to play together”.
Reuters reported the Polish company was actively pursuing five main targets.
The announcement appears to be an attempt by the company to resurface with new offerings after struggling in 2020, a year marked with record-breaking numbers for the mobile gaming industry. App Annie estimated revenue rose 20 per cent year-on-year to $100 billion, with downloads up 18 per cent to 80 billion.
Huuuge Games recorded a net loss of nearly $83 million in 2020, compared with a $4.3 million profit in 2019.