Nexters Explained

Nexters
Type:	Subsidiary
Industry:	Video game industry
Hq Location City:	Limassol
Hq Location Country:	Cyprus

Nexters is a video game company headquartered in Limassol, Cyprus. The company story dates back to 2010 when Andrey Fadeev and Boris Gertsovskiy met. The company is best known for its misleading ads for the mobile games Throne Rush and Hero Wars,^[1] which attracted regulatory scrutiny in Germany due to the use of prurient content in ad campaigns on social media platforms such as Facebook.^[2] Nexters is one of the top five independent mobile game companies in Europe.^[3]

History

• In 2010, Andrey Fadeev was running Progrestar, a social games development studio, when he first met Boris Gertsovskiy, a future friend and fellow game developer.
• By 2012, Gertsovskiy had become the President of Crazy Bit, also a social games development studio. Not long after, Crazy Bit and Progrestar began a partnership. Both teams moved into a new, shared office space and would regularly share best practices and hold cross-company events.
• In 2013, Progrestar released Throne Rush, a strategy game, which ultimately became one of the most popular social games on Facebook and VK.
• In 2014, Fadeev and Gertsovskiy decided to form Nexters. This led to Nexters' first release, Island Experiment, a casual game for social networks.
• In 2016, Nexters established its new headquarters in Cyprus. At the same time, they also released Hero Wars, an action RPG. By 2018, Nexters decided to focus on mobile game development and scaling those games.
• In the summer of 2018, the founders of Playrix, brothers Igor Bukhman and Dmitry Bukhman acquired a stake in Nexters.
• Nexters generated $318 million in bookings and $120 million in free cash flow to equity (FCFE) in 2020. As of 2020, 35% of the company's net bookings came from the United States, 23% from Europe, and 19% from Asia^[4] Its flagship product, Hero Wars RPG, was downloaded 36 million times in 2020 on iOS and Android.^[5]
• In February 2021, Nexters announced it would go public on the Nasdaq via a SPAC deal with Kismet Acquisition One Corp. The merger valued Nexters at $1.9 billion. On August 27, 2021, Nexters went public on Nasdaq under the ticker GDEV.
• In 2021, in addition to the released Chibi Island at the end of the year the company soft-launched the new casual game Island Questaway. Nexters plans to launch a match-3-style game, Riddle Island, in 2022.
• In January 2022, Nexters said it planned to acquire Cubic Games for $70M, 48.8% of MX Capital Limited (RJ Games) for $15M, and 49.5% of Castcrown Limited (Royal Ark) for $4.95M.^[6]
• On February 28, 2022, the Nasdaq halted trading the stock of Nexters and four Russia-based companies. The halts were due to regulatory concerns as the stock exchange sought more information following economic sanctions imposed on Russia because of its invasion of Ukraine.^[7]
• On March 16, 2023, the Nasdaq resumed trading the stock of Nexters.^[8]
• On June 22, 2023, Nexters Inc. restructured into the holding GDEV, becoming the largest wholly-owned subsidiary of GDEV along with current Nexters’ subsidiaries Cubic Games and Dragon Machines. More studios are to be added in the future. As a consequence, GDEV replaced Nexters as the publicly-traded entity on NASDAQ.^[9]

Games

!Year!Title!Genre!Platform!Notes!Ref

2013	Throne Rush	Strategy	iOS, Android, Facebook
2016	Hero Wars	Fantasy RPG	iOS, Android, Facebook, Web Browser
2021	Chibi Island	Farming Adventure	iOS, Android
2021	Island Questaway	Farming Adventure	iOS, Android, Web Browser
2023	Puzzle Odyssey	Tile-matching	TBD

External links

• Official Website

Notes and References

1. Web site: 2023-04-04. Gamers are beginning to accept misleading ads. VentureBeat. 2024-08-01. https://web.archive.org/web/20240519131524/https://venturebeat.com/games/gamers-are-beginning-to-accept-misleading-ads-nexters/. 2024-05-19.
2. Web site: 2023-05-16. Werberat rügt sexistische Reklame für Videospiele. Der Spiegel. de. 2024-06-25.
3. Web site: Anastasia Karpova. 2020-09-29. "Ребята совершили невозможное": как российский разработчик игр Nexters за год вырос в 15 раз и почти стал "единорогом". Forbes Russia. ru. 2021-04-11.
4. Web site: Dean Takahashi. 2021-02-01. Russian mobile game publisher Nexters will go public via a SPAC at $1.9 billion value. VentureBeat. 2021-04-11.
5. Web site: Irina Yuzbekova. 2021-02-01. Российский разработчик игр Nexters выйдет на биржу с оценкой $1,9 млрд. Forbes Russia. ru. 2021-04-11.
6. Web site: Nexters купит 100% издателя игр Cubic Games за $70 млн. ru. 2022-01-27. Интерфакс.
7. News: NYSE, Nasdaq halt trading in stocks of Russia-based companies. Reuters. March 2022. McCrank. John.
8. News: NYSE,. Nasdaq. March 15, 2023.
9. News: Nexters changes corporate name to GDEV Inc,. Seeking Alpha. June 22, 2023.