Mobile Game Company Kongregate has Been Sold for $55 Million

Kongregate is the game publisher for GameStop.

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Mobile Game Company Kongregate has Been Sold for $55 Million

GameStops' company Kongregate has been sold to Modern Times Group (MTG) for a staggering sum of $55 million. If we remember, Kongregate made the headlines recently for surpassing 100 million downloads for all their games.

Leading the charge for the most popular Kongregate game is AdVenture Capitalist, which as its name suggest, is a Capitalism simulator game where you can start small and build an empire. Kongregate is now located in San Francisco but started as a small company by two siblings named Jim and Emily Greer.

via VentureBeat

The siblings sold Kongregate to GameStop in 2010 but now MTG has acquired a 100% stake in the company, which has 45 games on the mobile platform in addition to 100,000 games on its browser platform. Kongregate has more than 14 milliion people as active users and is expected to make at least $50 million profit in 2017.

MTG plans to expand Kongregate and source for more game developers to help publish for the PC and mobile platforms.

Cover image via VentureBeat

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