Play Magnus Group Explained

Play Magnus Group
Traded As:PMGMF
Founded:October 2013
Founders:Magnus Carlsen
Espen Agdestein
Anders Brandt
Fate:Acquired by Chess.com
Hq Location:Oslo, Norway

Play Magnus Group is a Norwegian chess company co-founded by chess grandmaster Magnus Carlsen in 2013. The company released the mobile app Play Magnus in 2014, before merging with chess24 in 2019 and being acquired by Chess.com in 2022.

History

In October 2013, Magnus Carlsen co-founded the Oslo-based Play Magnus AS, together with his manager Espen Agdestein and entrepreneur Anders Brandt.[1] At its founding, Carlsen owned 60% of the company and Agdestein owned 15%. Investing Carlsen's own money and that of US and Norwegian investors,[2] Play Magnus AS then began developing Play Magnus, a mobile computer chess app. The app released in 2014, and allowed users to play against a chess engine modeled after a database of thousands of positions from recorded games Carlsen played from the age of five and up.[3] [4] In November 2016, Play Magnus Group launched Magnus Trainer, a chess learning app,[5] and in 2018 launched its third mobile app, Magnus' Kingdom of Chess, a video game targeted towards young children.[6]

Merge with chess24

In 2019, Play Magnus AS merged with the chess website chess24, consolidating into the Play Magnus Group. Following the merge, the holding company of the two former chess24 owners (Jan Gustafsson and Enrique Guzman) became the largest shareholders in Play Magnus Group.[7] [8] In October 2020, Play Magnus Group was listed on the Oslo Stock Exchange. The listing raised 300 million kr (US$30.2 million) for the company, giving it a valuation of 796 million kr (US$85.8 million). After the listing, Magnus Chess, an entity controlled by Carlsen and his family, owned only 9.5% of Play Magnus Group.[9]

Further acquisitions and projects

Acquisition by Chess.com

In August 2022, Play Magnus Group accepted an offer to be acquired by Chess.com at a value of 800 million kr (US$80 million). The acquisition was officially closed on December 16, 2022.[18] [19] According to Dot Esports, the Play Magnus Group was unable to make a "sustainable profit" on anything but Chessable, and the merge left "no other realistic chess competitor" except the free, open-source Lichess.[20]

External links

Notes and References

  1. Web site: World Chess Champion Magnus Carlsen Floats Tech Company, Raises $30 Million. David. Nikel. Forbes. 9 October 2020.
  2. Web site: Magnus Carlsen parlays chess success into hot tech start-up. Paul. Aniek. 10 November 2014. Mint.
  3. Web site: Playing a young Magnus Carlsen at chess. Kevin. Hartnett. Boston Globe. 19 March 2014.
  4. News: World chess champion Magnus Carlsen launches app . https://ghostarchive.org/archive/20220110/https://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/digital-media/10661306/World-chess-champion-Magnus-Carlsen-launches-app.html . 10 January 2022 . subscription . live . . 25 February 2014 . 13 March 2014.
  5. https://newsweb.oslobors.no/obsvc/attachment.obsvc?messageId=515056&attachmentId=206200&obsvc.item=1 Play Magnus AS: Admission to trading of shares on Merkur Market
  6. Web site: Peterson . Macauley . Magnus' Kingdom, confidence and Caruana . Chessbase . 23 December 2022 . 6 June 2018.
  7. Web site: Sjakkekspert inntar Magnus Carlsens spillselskap. Chess expert joins Magnus Carlsen's gaming company. Bjerknes. Christian. 2019-03-25. Dagens Næringsliv. no. live. https://web.archive.org/web/20190317025921/https://www.dn.no/marked/sjakkekspert-inntar-magnus-carlsens-spillselskap/2-1-566077 . 2019-03-17 . 2019-12-20.
  8. Web site: Play Magnus Group . ACF Equity Research . 23 December 2022.
  9. Web site: Play Magnus listed on Oslo Stock Exchange. FIDE. 8 October 2020.
  10. Web site: Chessable joins the Play Magnus chess24 family. 3 September 2019. chess24.com. 27 February 2020.
  11. Web site: Magnus Carlsen buys chess platform Chessable.com. https://ghostarchive.org/archive/20221210/https://www.ft.com/content/c2a4b3a0-cd8b-11e9-99a4-b5ded7a7fe3f . 10 December 2022 . subscription . live. 3 September 2019. Financial Times. 27 February 2020.
  12. Web site: iChess acquired by Play Magnus . ChessTech . 23 December 2022 . 18 November 2020.
  13. Web site: Champions Chess Tour . Play Magnus Group . 23 December 2022.
  14. Web site: Marsh . Sean . Play Magnus Group and the Acquisition of New In Chess . Chessable . 23 December 2022 . 2 February 2021.
  15. Web site: Everyman Chess acquired by Play Magnus . ChessTech . 23 December 2022 . 4 March 2021.
  16. Web site: Marsh . Sean . GingerGM Joins The Play Magnus Group . Chessable . 23 December 2022 . 2 March 2021.
  17. Web site: Aimchess joins Play Magnus Group . Chess24 . 23 December 2022 . 18 May 2021.
  18. Web site: Chess vil by 13 kroner aksjen for hele Play Magnus Group. Chess will offer NOK 13 a share for the entire Play Magnus Group. Dagens Næringsliv. Norwegian. Hermann. Lene Marita Berg. 24 August 2022. 26 August 2022. 25 August 2022. https://web.archive.org/web/20220825183355/https://www.dn.no/marked/chess-vil-by-13-kroner-aksjen-for-hele-play-magnus-group/2-1-1284026. live.
  19. Web site: Chess.com Officially Acquires Play Magnus, Carlsen Signs As Ambassador . Chess.com . 23 December 2022 . 21 December 2021.
  20. Web site: Chess.com to acquire Play Magnus Group. Dot Esports. Kelemen. Luci. 24 August 2022. 26 August 2022. 26 August 2022. https://web.archive.org/web/20220826212641/https://dotesports.com/chess/news/chess-com-to-acquire-play-magnus-group. live.

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