agnitio had known the shareholders of TicBits for some years and would meet on a regular basis to remain updated of product launches & financial performance. Given the company’s consistent growth over the years the shareholders felt thatthey had achieved a level of success that would attract mid size publishers looking to acquire smaller but quite profitable mobile game free to play developers.
Once formally appointed, agnitio identified a number of acquisitive mid size publishers that it approached to solicit interest on behalf of TicBits. The company chose Animoca over the other publishers given their ability to transact quickly and providing access to Asian markets.
agnitio negotiated, structured and managed the entire sale process. Prior to the sale, agnitio also assisted TicBits in negotiating out of its exclusive publishing relationship with Wooga and recommending & selecting the appropriate legal counsel for the transaction.
TicBits received an upfront cash payment and a 3 year earnout subject to achieving specific profitability targets at the end of each calendar year.