Ten Square Games enters the flight simulators market by acquiring an Italian games studio.

02 Jul 21
4 minutes

RORTOS, a global leader in the mobile flight simulators market, is joining the Ten Square Games group. “We are excited to welcome the RORTOS team to our family, and we are looking forward to supporting further growth of their fantastic titles,” underlines Maciej Zużałek, the CEO of Ten Square Games.

On Wednesday, June 30, 2021, Ten Square Games S.A. announced that it signed a sales and purchase agreement with the shareholders of RORTOS SRL as the sellers. Under the agreement, Ten Square Games S.A. will acquire 100% shares of RORTOS SRL for the price of EUR 45 million on a cash and debt-free basis. The up-front price represents a 9.8x multiple on estimated normalized 2020 EBITDA, in accordance with the TSG’s accounting principles. In addition, the agreement envisages further payments towards the sellers for the period from 1 July 2021 to the end of 2025 in the maximum amount not higher than EBITDA achieved in the aforementioned period. As no additional approval of an antitrust authority is required, the completion of the transaction is expected in the upcoming week.

Ten Square Games is a fast-growing mobile games developer, employing over 400 people in four studios in Poland (Wrocław and Warsaw), Germany (Berlin), and Romania (Bucharest). With nearly EUR 127 million in revenue in 2020, the company is one of the top quoted game dev enterprises listed on the Warsaw Stock Exchange (WSE: TEN). It specializes in free-to-play casual games and its portfolio includes, among others, “Fishing Clash” – one of the world’s most popular 3D fishing simulators, and “Hunting Clash” – a realistic hunting simulator. “Fishing Clash” has been recently approved to enter the Chinese market, which has the highest number of mobile players in the world. The game will be officially launched in China in the upcoming weeks. 

“We are excited to join forces with RORTOS – an experienced team led by Antonio Farina and Roberto Simonetto that has been successful in building a leadership position in a highly attractive flight simulation segment. We believe there is a significant synergy potential to leverage the know-how of our respective companies. With this first acquisition, we are strengthening our position in the simulation games segment which is one of the fastest-growing mobile gaming markets. With RORTOS we are executing on the M&A pillar of our growth strategy aimed at long-term diversification of TSG’s portfolio,” comments Maciej Zużałek. 

RORTOS is an Italian studio that has developed many mobile games in the flight simulation segment. The studio has three main live titles: Airline Commander, Real Flight Simulator, Extreme Landings, and additional products in the pipeline. The company was founded in 2011 by Roberto Simonetto, currently CTO & President, who combined 21 years of IT experience with his passion for flying to develop RORTOS. In 2018 RORTOS merged with Reludo Games, with Antonio Farina, an executive with over 30 years of experience leading gaming studios, joining the company as the CEO.

“As the leading company in the mobile flight simulation market, we have assembled an experienced team and an extensive and growing portfolio of titles that we believe will fit perfectly. RORTOS will benefit from Ten Square Games’ users acquisition, product development, and business intelligence platform and tools. We are excited to become part of the group and look forward to continuing our growth journey together,” says Antonio Farina, CEO & Game Director of RORTOS.

Ten Square Games Group has in connection with the transaction appointed Rymarz Zdort and Gianni & Origoni as legal advisors and BDO as financial and tax advisors.

RORTOS has in connection with the transaction appointed Aream & Co. as financial advisor and SAT Studio Legale as legal advisor.

Any updates on the process will be publicly communicated by the Ten Square Games in accordance with applicable laws.

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