Trophy Games signs deal acquiring the Lithuanian game development company PIU-PIU LT
Press Release
Copenhagen, 30 August, 2022
Today, Trophy Games Development A/S (Trophy Games), has acquired 80% of the shares in PIU-PIU LT for EUR 300,000. The purchase price is to be paid fully in cash.
PIU-PIU LT is a Lithuanian game developer company who has built an airline tycoon game targeted towards PC. Their current and only title, with the production name SkyHaven, is currently released in early access on Steam. The acquisition will strengthen Trophy Games’ current game portfolio within the transport series.
Søren Gleie, CEO of Trophy Games, comments on the acquisition: “PIU-PIU LT has built the game SkyHaven, which has potential to be best-in-class within the airport tycoon genre which are aimed towards PC.
The initial early access release on Steam has been troubled, by the game sales not living up to its expectations. We believe that we can turn this around and build a successful franchise - with the founders - for many years to come.
We have seen similar competitor games sell for up to DKK 20m in their first year on Steam, which indicates a great potential in this market.
We do not expect the upcoming release to go close to that, however over time, we think we can build a healthy business that is supported by cross promotion from Airline Manager. We estimate SkyHaven to sell for DKK 1-5m during the first year after full release.
We might not be first movers, but we definitely see an opportunity to take chunks of this market with SkyHaven and later new versions of the game. We can also use the code platform to complement our other upcoming transport games titles that have the same themes.
SkyHaven is currently in early access on Steam and has not generated any significant revenue yet. With some additions to the gameplay, app store optimization, expanding to more platforms, cross promotion between our games and using our strong knowledge in publishing we have a firm belief that the planned full release of the game in H2 2022 can be a success story. Personally, I think we have paid a very fair price for this deal, due to it being considered ‘low risk’ and the addition of a solid potential upsight - if it all comes together.”
The PIU-PIU LT team consists of 5 developers, of which two of them are the founders. All employees will stay in the company and be integrated into the Trophy Games family.
The acquisition will not impact Trophy Games Developments guidance for 2022.
Contact Information
TROPHY GAMES Development A/S
Søren Gleie, CEO
Office (+45) 7172 7573
Email: soren@trophy-games.com
Mikkel Bryggers Gade 4, 2. sal, 1460 Copenhagen K, Denmark
Certified Adviser
Norden CEF
John Norden
Email: jn@nordencef.dk
A/S Kongevejen 365, 2840 Holte, Denmark
About Trophy Games
Trophy Games is an innovative, Denmark-based game studio who develops and publishes mobile and PC games.