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May 2017

Situation

agnitio had a longstanding relationship with Alexis Bonte, CEO and Founder of eRepublik. Over the years agnitio maintained contact and once eRepublik successfully transitioned its business from PC free to play to mobile free to play, Alexis and his board began considering their strategic options. Given their rapid profitable growth on mobile through multiple titles, agnitio was hired to run a process.

Approach

agnitio approached mainly mid sized game publishers that would particularly value the difficult transition eRepublik managed to achieve (from PC to mobile original IP) successfully for a smaller studio with limited resources.

agnitio identified, negotiated, structured and managed the entire sale process of eRepublik to Stillfront Group.

The Transaction

eRepublik shareholders received €8 million in upfront consideration (€7.5 million split fairly evenly in cash & shares and €0.5 million as a loan to pay down specific debts) as well as Earnouts over 3 years of 1 x EBIT for the 3 years ended 31 December 2017-2019