Jam City Offloads Ludia to Canadian Investors

In a significant development, Jam City has revealed the sale of Ludia, a prominent Montreal-based mobile game developer, to a consortium of Canadian investors and key members of Ludia's management team. This transaction encompasses the sale of the studio as well as its diverse portfolio of game titles. According to Jam City, the sale was the result of a compelling offer, despite not being actively sought. The company emphasizes that this acquisition will not substantially impact its overall operations and that its upcoming release pipeline remains unaffected. The buyout has been supported by several notable investors, including Fonds de solidarité FTQ, Investissement Québec, and BDC Capital Growth Equity Partners, among others. Following the acquisition, Ludia will operate as an independent entity, with Jimmy Gendron at the helm as CEO, leading a team of approximately 130 employees. A small contingent of Ludia staff will continue to work with Jam City, providing support for titles that remain under Jam City's purview. Notably, Ludia's founder, Alexandre Thabet, is rejoining the company as a shareholder and will assume the role of chairman of the board. Josh Yguado, CEO and co-founder of Jam City, expressed pride in Ludia's accomplishments and confidence in the team's future prospects. Jimmy Gendron, the new CEO of Ludia, expressed gratitude towards Jam City for their support and enthusiasm about the new chapter for Ludia, highlighting the team's talent and the backing of prominent financial partners as key to bringing an ambitious vision to life and creating captivating games for a global audience. The acquisition of Ludia by Jam City was initially made in September 2021 for $165 million.