Monumental Set to Acquire Kongregate

In a significant move, Monumental, a developer based in Austin, has announced its intention to acquire Kongregate, a prominent gaming publisher and web portal, in a deal whose financial details have not been disclosed. According to reports from Pocket Gamer, the merger will result in the full integration of both companies, with Monty Kerr, CEO of Monumental, at the helm. The combined entity will boast a portfolio of over 40 games from both studios. Kerr expressed his enthusiasm for the acquisition, stating, "The addition of Kongregate to the Monumental family is a cause for celebration. We eagerly anticipate the opportunities that lie ahead and are thrilled to be a part of Kongregate's future growth." In 2017, the Modern Times Group (MTG) acquired Kongregate for $55 million. Post-acquisition, MTG will maintain a 30% stake in the merged company. Maria Redin, President and CEO of MTG, commented, "We are pleased to have identified a suitable partner for Kongregate's next phase of development. Monumental has demonstrated a proven ability to manage and expand its gaming portfolio, and we believe the consolidation of the two companies' portfolios is a strategic step forward. We wish the teams all the best as they embark on their joint journey."