Czech society Geewa focused on the development of mobile games, according to information Lupa has launched a big layoff. It happened after about a year and a half from buyout by the American company AppLovin listed on the New York Stock Exchange Nasdaq.
According to Lupa sources, Geewa’s leadership is led by the founder Milos Endrl a few days ago, it summoned employees to announce their dismissal. It’s supposed to be a bigger part of the whole team. The sale at the company was made by 45 people. Geewa’s management did not respond to Lupa’s questions.
The parent corporation confirmed the information to Lupa. However, she did not give details and sent only a vague answer typical of American companies traded on the stock exchange: “The restructuring is underway so that we can adapt to the latest innovations in the development of mobile games. At Geewa, we look forward to continuing to fulfill our vision of creating games. ”
The alliance of Geewa and AppLovin, according to original statements, was to “implement a growth strategy”. “This investment will support the continued growth of the Geewa studio team by enabling it to scale the world’s most popular games, including Smashing Four, through the AppLovin platform. In addition, Geewa will continue to operate as an independent, stand-alone studio under current management, ”it was said a year and a half ago.
In Geewa before the sale, the KKCG group held the largest share (62.1 percent), followed by the Polish MCI (33.1 percent). The company’s founder Miloš Endrle had 3.9 percent.
Geewa had in the year before the sale revenues of 324 million crowns, increased from the previous 167 million. The loss fell to 4.3 million. Negative numbers were previously paid by KKCG and MCI using convertible loans.
Geewa has been recording roller coasters since the beginning. It fired quickly thanks to games on Facebook, then came a difficult period of decline and then a rise thanks to the mobile title Smashing Four. Read about how difficult it can run a mobile game studio in our new one interview with Mark Rabas from Madfinger Gameswho received an investment from the Chinese owner of TikTok.
AppLovin is a company focused on digital marketing and the products around it. In addition, it has a game-focused branch. He has twelve studios in them, including Geewa. The company had a market capitalization of $ 31.3 billion, annual sales of $ 1.5 billion and last year reported a loss of over $ 125 million.
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