Thunderful Group Explained

Thunderful Group AB
Type:Public
Industry:Video games
Predecessor:Thunderful AB
Hq Location City:Gothenburg
Hq Location Country:Sweden
Key People:Martin Walfisz (CEO)
Num Employees:518[1]
Num Employees Year:2024
Subsid:See

Thunderful Group AB is a Swedish video game holding company based in Gothenburg. It was founded in December 2019 through a merger between Thunderful AB (Bergsala Holding's video game holding) and Bergsala Holding's distribution business, consisting of Bergsala, Amo Toys, and Nordic Game Supply. The former Thunderful had been founded in December 2017 between Bergsala Holding, Brjánn Sigurgeirsson, and Klaus Lyngeled, incorporating Sigurgeirsson and Lyngeled's indie game studios—Image & Form and Zoink—and acquiring the publisher Rising Star Games from Bergsala Holding in July 2018. Thunderful Group has since acquired further developers, the publisher Headup Games, and the consultancy firm Robot Teddy.

History

Image & Form and Zoink, two independent video game developers based in Gothenburg, developed a close relationship through their founders and chief executive officers (CEOs), Brjánn Sigurgeirsson and Klaus Lyngeled, respectively, became "practically best friends". Although the two studios were separated by the Göta älv, Sigurgeirsson and Lyngeled met frequently due to the small size of Gothenburg's indie scene. Among other things, Image & Form and Zoink shared testing activities and marketing capabilities.[2] In 2011, Bergsala Holding (the parent company of Bergsala, Nintendo's exclusive distribution partner in Sweden) acquired 50% of Image & Form.[3] When Sigurgeirsson eventually introduced Lyngeled to the company, Bergsala Holding also acquired half of Zoink in 2014.[4]

Sigurgeirsson, Lyngeled and Bergsala Holding decided to merge the two studios and created Thunderful as their parent company in December 2017.[5] [6] The company was jointly owned by the founding parties: Bergsala Holding held a 50% stake and Sigurgeirsson and Lyngeled 25% each.[7] Sigurgeirsson and Lyngeled became the CEO and chief creative officer (CCO), respectively, of Thunderful, while both remained CEOs of their respective studios. The move was announced in January 2018, at which point Thunderful had 46 employees.[8] Alongside the merger, a publishing arm called Thunderful Publishing AB was set up to handle third-party game publishing. Ed Valiente, the former business development manager for Nintendo of Europe, joined Thunderful as head of publishing in April 2018 and became the managing director for Thunderful Publishing.[9] That July, Thunderful acquired Rising Star Games from Bergsala Holding. Valiente subsequently became the managing director for Rising Star Games, replacing the departing Martin Defries, while retaining his previous positions.

In December 2019, Bergsala Holding combined its distribution businesses—Bergsala, Amo Toys, and Nordic Game Supply—with Thunderful, creating the Thunderful Group.[10] The new company was organised into three operational groups: Thunderful Development, containing Image & Form and Zoink; Thunderful Publishing, containing Thunderful Publishing AB and Rising Star Games; and Thunderful Distribution, containing Bergsala, Amo Toys, and Nordic Game Supply. The group remained under the shared ownership of Bergsala Holding, Sigurgeirsson and Lyngeled, and kept its headquarters in Gothenburg. Sigurgeirsson, who became Thunderful Group's CEO, stated that the merger was highly beneficial but evidenced that further financing was needed for future growth, leading Thunderful Group to eye an initial public offering (IPO). Bergsala, as the group's largest entity, was entirely dependent on its partnership with Nintendo at this time.

In February 2020, Thunderful Group acquired Guiding Rules Games AB (Guru Games), a developer based in Skövde. Through the buyout, Thunderful Games' employee count rose to 170.[11] Later that year, Thunderful Group merged Image & Form, Zoink, and Guru Games to form Thunderful Development AB. Thunderful Development opened a fourth studio in Malmö that June.[12] In September 2020, the company opened an online merch store.[13] Thunderful Group acquired the British studio Coatsink for about in October 2020,[14] followed by the Swedish developer Station Interactive AB (The Station) to undisclosed terms in November. Its 35 employees were transferred to Thunderful Development.[15] [16]

By November 2020, Thunderful Group was preparing an IPO via the Premier Growth Market of the Nasdaq First North, expecting to raise .[17] The company began trading on 7 December 2020.[18] In its 2020 fiscal year, the company recorded a 46% rise in revenues alongside a fall of net profit by 20%. Thunderful Group announced that it would acquire German publisher and developer Headup Games in February 2021 in a deal worth up to .[19] With the acquisition, Headup's founder and managing director, Dieter Schoeller, is to become Thunderful Group's head of publishing.[20] The acquisition was to close by 31 March 2021.[21]

In August 2021, Thunderful Group acquired 91% of Jugo Mirkovic's development studio To the Sky for a symbolic fee, as well as the film studio Tussilago for .[22] In September 2021, Thunderful Group acquired Madrid, Spain-based developer Stage Clear Studios in a deal worth up to €2.5 million.[23] Alongside purchasing the consultancy firm Robot Teddy in October that year, Thuderful Group established Thunderful Investment and two funds, one for game prototypes and one for virtual reality games, as part of the Thunderful Games segment.[24] In November, Thunderful acquired mobile game developer Early Morning Studio.[25]

In November 2022, Thunderful acquired British developer Jumpship, creator of Somerville, for an undisclosed sum.[26] On January 17, 2024, Thunderful cut 20% of its workforce, amounting to around 100 layoffs.[27] In March 2024, the Thunderful Group announced its plan to divest HeadUp Games[28] and later in April 2024, it was announced that Nordic Game Supply will also be divested.[29]

In May 2024, Thunderful announced they would close Stage Clear Studios as part of a restructuring effort.[30] It was also announced that Thunderful Group plans to divest the complete distribution business, which includes AMO Toys and Bergsala, to Bergsala NDP AB. The plan is to transform Thunderful Group into a company with focus on game development and game publishing.[31]

Operational groups

Thunderful Groups formerly had two operational groups: The Distribution group containing the distribution businesses, and the Games group covering the development, investment, and publishing of games.[32] As of July 2024, the distribution business was divested, transforming the company into a "pure-play games company".[33]

Current subsidaries

Former subsidaries

Notes and References

  1. Web site: Q1 2024 . thunderfulgroup.com.
  2. Web site: Two Best Friends Are Running Two of Europe's Most Exciting Developers . Joe . Skrebels . 25 January 2018 . . 12 July 2019 . https://web.archive.org/web/20190711223802/https://www.ign.com/articles/2018/01/25/two-best-friends-are-running-two-of-europes-most-exciting-developers . 11 July 2019 . live.
  3. Web site: SteamWorld firm Thunderful's quest to become AA starts with an IPO . James . Batchelor . 1 December 2020 . . 24 February 2020 . 1 December 2020 . https://web.archive.org/web/20201201155642/https://www.gamesindustry.biz/articles/2020-12-01-steamworld-firm-thunderfuls-quest-to-become-aa-starts-with-an-ipo . live.
  4. Web site: History . Thunderful Group . 2020 . 24 February 2021 . 30 November 2020 . https://web.archive.org/web/20201130133531/https://thunderfulgroup.com/about-us/history . live.
  5. Web site: UK publisher Rising Star Games acquired by Thunderful . Chris . Kerr . 3 July 2018 . . 12 July 2019 . https://web.archive.org/web/20180930174731/http://www.gamasutra.com/view/news/321253/UK_publisher_Rising_Star_Games_acquired_by_Thunderful.php . 30 September 2018 . live.
  6. Web site: Image & Form And Zoink! Games Join Forces Under New Company Thunderful . Damien . McFerran . 25 January 2018 . . 12 July 2019 . https://web.archive.org/web/20181006075445/http://www.nintendolife.com/news/2018/01/image_and_form_and_zoink_games_join_forces_under_new_company_thunderful . 6 October 2018 . live.
  7. Web site: Thunderful acquires UK and US publisher Rising Star Games . Christopher . Dring . 3 July 2018 . . 12 July 2019 . https://web.archive.org/web/20190510045233/https://www.gamesindustry.biz/articles/2018-07-03-thunderful-acquires-uk-and-us-publisher-rising-star-games . 10 May 2019 . live.
  8. Web site: Image & Form and Zoink merge to form new games label . Christopher . Dring . 25 January 2018 . . 12 July 2019 . https://web.archive.org/web/20190711223801/https://www.gamesindustry.biz/articles/2018-01-25-image-and-form-and-zoink-merge-to-form-new-games-label . 11 July 2019 . live.
  9. Web site: Jobs roundup: Dave Haynes installed as director at Vive X Europe . Haydn . Taylor . 9 April 2018 . . 12 July 2019 . https://web.archive.org/web/20190711231621/https://www.gamesindustry.biz/articles/2018-04-09-jobs-roundup-dave-haynes-to-head-up-vive-x-europe . 11 July 2019 . live.
  10. Super Mario is now a part of the Thunderful Group . Thunderful Group . 30 January 2020 . 26 February 2021 . 30 November 2020 . https://web.archive.org/web/20201130133100/https://thunderfulgroup.com/news-room/press-releases/2020-01-30-super-mario-is-now-a-part-of-the-thunderful-group . live.
  11. Thunderful Group acquires game developer Guru Games . Thunderful Group . 6 February 2020 . 26 February 2021 . 30 November 2020 . https://web.archive.org/web/20201130145410/https://thunderfulgroup.com/news-room/press-releases/2020-02-06-thunderful-group-acquires-game-developer-guru-games . live.
  12. Thunderful Development opens studio i Malmö . Thunderful Group . 16 June 2020 . 26 February 2021 . 30 November 2020 . https://web.archive.org/web/20201130134530/https://thunderfulgroup.com/news-room/press-releases/2020-06-16-thunderful-development-opens-studio-i-malmo . live.
  13. Web site: Thunderful Opens Its Own Store, Kicks Things Off With Limited Edition SteamWorld Goodies . Ryan . Craddock . 22 September 2020 . . 26 February 2021 . 21 October 2020 . https://web.archive.org/web/20201021075102/https://www.nintendolife.com/news/2020/09/thunderful_opens_its_own_store_kicks_things_off_with_limited_edition_steamworld_goodies . live.
  14. Web site: Thunderful Group acquires Coatsink . Marie . Dealessandri . 5 October 2020 . . 24 February 2021 . 24 February 2021 . https://web.archive.org/web/20210224112357/https://www.gamesindustry.biz/articles/2020-10-05-thunderful-group-acquires-coatsink . live.
  15. Web site: Thunderful acquires Station Interactive . Rebekah . Valentine . 13 November 2020 . . 24 February 2021 . 24 February 2021 . https://web.archive.org/web/20210224110823/https://www.gamesindustry.biz/articles/2020-11-13-thunderful-acquires-station-interactive . live.
  16. Web site: Thunderful acquires long-time LittleBigPlanet collaborator Station Interactive . Chris . Kerr . 16 November 2020 . . 26 February 2021 . 17 January 2021 . https://web.archive.org/web/20210117220340/https://www.gamasutra.com/view/news/373760/Thunderful_acquires_longtime_LittleBigPlanet_collaborator_Station_Interactive.php . live.
  17. Web site: Thunderful Group prepares for IPO on NASDAQ First North Premier . James . Batchelor . 17 November 2020 . . 26 February 2021 . 24 February 2021 . https://web.archive.org/web/20210224112408/https://www.gamesindustry.biz/articles/2020-11-17-thunderful-group-prepares-for-ipo-on-nasdaq-first-north-premier . live.
  18. Web site: Thunderful Group full-year revenues rise to $374m despite Q4 profit drop . James . Batchelor . 24 February 2021 . . 26 February 2021 . 25 February 2021 . https://web.archive.org/web/20210225041221/https://www.gamesindustry.biz/articles/2021-02-24-thunderful-group-full-year-revenues-rise-to-usd374m-despite-q4-profit-drop . live.
  19. Web site: Thunderful acquires Bridge Constructor publisher Headup in €11m deal . James . Batchelor . 24 February 2021 . . 24 February 2021 . 25 February 2021 . https://web.archive.org/web/20210225041118/https://www.gamesindustry.biz/articles/2021-02-24-thunderful-group-acquires-bridge-constructor-publisher-headup-in-11m-deal . live.
  20. Web site: Headup: Thunderful Group kauft Dürener Indie-Publisher . de . Headup: Thunderful Group buys Düren indie publisher . Petra . Fröhlich . 24 February 2011 . GamesWirtschaft . 26 February 2021 . 24 February 2021 . https://web.archive.org/web/20210224124259/https://www.gameswirtschaft.de/wirtschaft/thunderful-group-kauft-headup/ . live.
  21. Web site: Thunderful Group to acquire Headup . Sal . Romano . 24 February 2021 . Gematsu . 26 February 2021 . 25 February 2021 . https://web.archive.org/web/20210225094100/https://www.gematsu.com/2021/02/thunderful-group-to-acquire-headup . live.
  22. Web site: Thunderful acquires To The Sky games studio . Christopher . Dring . 10 August 2021 . . 12 August 2021 . 10 August 2021 . https://web.archive.org/web/20210810190223/https://www.gamesindustry.biz/articles/2021-08-10-thunderful-acquires-to-the-sky-games-studio . live.
  23. Web site: Thunderful Group acquires Stage Clear Studios . Sal . Romano . 2 September 2021 . Gematsu . 2 September 2021.
  24. Web site: Thunderful Acquires Robot Teddy To Expand Into Game Investment . Thomas . Whitehead . 27 October 2021 . . 29 October 2021.
  25. Web site: Thunderful acquires Early Morning Studio . James . Batchelor . 16 November 2021 . . 16 November 2021.
  26. Web site: Batchelor. James. Thunderful acquires Jumpship as studio launches debut title Somerville. GamesIndustry.biz. November 15, 2022.
  27. Web site: Dealessandri . Marie . 2024-01-17 . Thunderful announces restructuring that will cut 20% of its workforce . 2024-03-04 . GamesIndustry.biz . en.
  28. Web site: 2024-03-27 Thunderful Group to divest Headup . 2024-06-09 . Thunderful Group AB . en.
  29. Web site: 2024-04-26 Thunderful Group divests operations in Nordic Game Supply . 2024-07-01 . Thunderful Group AB . en.
  30. Web site: Allen. Joseph. Thunderful Games Closes Studio as Revenue Falls. TechRaptor. May 15, 2024.
  31. Web site: 2024-05-21 Thunderful Group AB (publ) to divest the remaining distribution businesses to become a pure-play games company . 2024-06-09 . Thunderful Group AB . en.
  32. Thunderful Group Interim Report January – September 2021 . 16 November 2021 . Thunderful Group . 29 November 2021.
  33. Web site: 2024-06-28 Thunderful Group AB (publ) has today divested AMO Toys AB, Bergsala Aktiebolag, Thunderful 1 AB and Thunderful Solutions AB to Bergsala NDP AB, thereby becoming a pure-play games company . 2024-07-01 . Thunderful Group AB . en.
  34. Web site: 2024-05-22 Announcement from Extraordinary General Meeting in Thunderful Group AB (publ) held on 22 May 2024 . 2024-06-09 . Thunderful Group AB . en.

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