Indie studio acquisitions
Who's buying indie studios — acquisitions, majority stakes, and publisher roll-ups.
- 91
- Deals tracked
- 53
- Acquirers
- 69%
- Undisclosed terms
| Studio | Acquirer | Stake | Value | Date |
|---|---|---|---|---|
| The Fun Pimps | Behaviour Interactive | — | Undisclosed | Mar 2026 |
| Gamepires | Splash Damage | Full | Undisclosed | 2026 |
| Eleventh Hour Games | KRAFTON | Full | $96.0M | Jul 2025 |
| Ubisoft | Tencent | — | $1250.0M | Mar 2025 |
| Tango Gameworks | Krafton | Full | Undisclosed | Aug 2024 |
| Relic Entertainment | Emona Capital LLP | — | Undisclosed | Mar 2024 |
| Gearbox Software | Take-Two Interactive | — | $460.0M | Mar 2024 |
| Saber Interactive | Beacon Interactive | — | $247.0M | Mar 2024 |
| Arrowhead Game Studios | Tencent | Minority | $80.0M | 2024 |
| System Era Softworks | Devolver Digital | Full | $40.0M | Nov 2023 |
| Techland | Tencent | Majority | Undisclosed | Jul 2023 |
| SkyBox Labs | NetEase Games | Full | Undisclosed | Jan 2023 |
| GSC Game World | Maksym Krippa | Full | Undisclosed | 2023 |
| Gamepires | Jagex | Full | Undisclosed | Dec 2022 |
| BlackMill Games | Focus Entertainment | Majority | Undisclosed | Sep 2022 |
| Quantic Dream | NetEase Games | — | Undisclosed | Aug 2022 |
| FromSoftware, Inc. | Sony Interactive Entertainment & Tencent (Sixjoy Hong Kong) | Full | Undisclosed | Aug 2022 |
| Tripwire Interactive | Saber Interactive (Embracer Group) | Full | Undisclosed | Aug 2022 |
| Supermassive Games | Nordisk Games | Full | Undisclosed | Jul 2022 |
| Eidos-Montréal | Embracer Group | — | Undisclosed | May 2022 |
| Crystal Dynamics | Embracer Group | — | Undisclosed | May 2022 |
| QLOC | Tencent (via 1C Entertainment) | Full | Undisclosed | Feb 2022 |
| Behaviour Interactive Inc. | Haveli Investments / NetEase | Minority | Undisclosed | 2022 |
| Turtle Rock Studios | Tencent | Full | Undisclosed | Dec 2021 |
| ZA/UM | Tutreke OU (Ilmar Kompus / Tonis Haavel) | Majority | Undisclosed | Dec 2021 |
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Deal values are publicly reported figures. Undisclosed deals are marked as such rather than estimated.
indielist tracks 91 indie game studio acquisitions from 1991 to 2026, mapping who is consolidating the indie ecosystem and which studios changed hands. Coverage spans 28 years and 86 studios. Every entry links a public source, so the figure is verifiable rather than asserted: deal values are shown in US dollars for the 28 acquisitions where the value is publicly disclosed, and left undisclosed otherwise instead of estimated. Each acquisition connects the studio to its buyer in our relationship graph, so an investor can trace consolidation patterns and a developer can see who acquires teams like theirs.
See also indie game grants and the full funding tracker.