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Tilting Point acquires FTX Games and Plamee Studios’ assets


Tilting Point acquires FTX Games and Plamee Studios’ assets – TechCrunch

Game publisher Tilting Point announced today that it has made its third acquisition in eight months, buying games, key employees and “most of the assets” from FTX Games and Plamee Studios — both previously owned by Playtech, which will be focusing on its gaming and sports betting software moving forward.

Plamee previously developed Narcos: Cartel Wars, which has supposedly made $60 million in revenue since launch. FTX published Cartel Wars, as well as The Walking Dead: Free Casino Slots and Criminal Minds: The Mobile Game. Tilting Point has taken over operations for all three FTX titles, as well as a fourth that’s currently in development.

The financial terms of the acquisition were not disclosed.

Last fall, Tilting Point acquired Gondola, a startup that optimizes in-game offers and ads. Then it purchased the mobile game Star Trek Timelines earlier this year, hiring the development team to form a new gaming studio called Wicked Realm Games in the process.

CEO Kevin Segalla said he’s always seen acquisitions as a big part of the company’s “progressive publishing” model, in which the company is first hired to help developers with user acquisition and then develops a deeper business relationship over time.

“We were built to ultimately be in a position where we could acquire some of the studios that we’re working with,” Segalla said.

He added that he expects “more acquisitions down the pike for sure,” with Tilting Point particularly interested in acquiring games that have previously been “constrained in marketing spend” and “clearly are going to have longer legs.”

It sounds like studios acquired by Tilting Point continue to operate with a degree of independence while drawing on the larger company’s resources to grow and monetize their games.

“We truly value the developers’ independence,” Segalla said. “We specifically want to work to continue operating their business and help them accelerate their growth. A lot of development studios are recognizing that scale is becoming more and more important.”

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insurtech startups undervalued?”,”content”:{“rendered”:”

On the heels of Hippo’s funding roundu00a0and our exploration of how the private markets appear to be more conservative than public investors at the moment, we’re asking a new question: are a bunch of insurtech startups undervalued?n

Hippo — an insurtech startup focused on home insurance — put together a $150 million round at a $1.5 billion post-money valuation after growing its gross written premium to $270 million “in the past 12 months.” At that valuation, and at pre-adjustment premium scale, Hippo is super-cheap compared to Lemonade, another venture-backed insurtech startup that just went public.n


n

The Exchange explores startups, markets and money. You can read it every morning on Extra Crunch, or receive it for free in your inbox. Sign up for The Exchange newsletter, which drops Saturdays starting July 25.n


n

There’s no need to relitigate Hippo’s valuation and how the private markets have valued the firm. But our work yesterday does give us the chance to do some fun math on other players in the neo-insurance space, namely, Rootu00a0and MetroMile. Using data accrued from financial filings and valuation data from Pitchbook and Crunchbase, we can grok how much the two firms are worth using Hippo’s and Lemonade’s current premium multiples.n

""If you aren’t familiar, the cohort of startups we’re looking at have raised well over $1 billion as a group; VCs really believe in them. How they are priced then, and how they exit, will help determine the results of many a venture fund.n

So, are other players in the startup insurance market cheap at their last private price when compared to Lemonade and Hippo? Did their venture backers overpay? Let’s find out.n

Cheap? Expensive?



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