Game developer Nexters sees first quarter revenue jump ahead of Nasdaq listing compatible SPAC, Telecom News, ET Telecom

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MOSCOW: Video game developer Nexters Global, which plans to be listed on Nasdaq this year through a deal with a Russian special-purpose acquisition company (SPAC), estimated on Thursday that its first-quarter revenue had increased by 48%.

The developer behind the popular Hero Wars and Throne Rush games was founded in Russia in 2010 but is headquartered in Cyprus.

Like other game companies, it has seen its sales increase during the pandemic.

Nexters entered into an agreement with Kismet Acquisition One Corp SPAC in February for public listing.

The transaction gave Nexters an enterprise value of $ 1.9 billion and is expected to close in 2021.

Nexters estimated its revenue rose 48% in the first quarter, with bookings up 15% to $ 113 million, it said in a statement.

That performance, he said, had allowed him to improve his booking forecast for 2021, despite cautious expectations about post-COVID trends across the industry.

The company is now seeing 2021 bookings increase by 38% to around $ 610 million. He did not provide his previous forecast.

“Our games will continue to be fun when the pandemic is over,” said CEO Andrey Fadeev.

Kismet, created by Ivan Tavrin, the former CEO of Russian telecommunications company Megafon, held an initial public offering on Nasdaq in August 2020, raising $ 250 million to invest in telecommunications, technology, consumer goods and services.

Kismet announced in February that it would invest an additional $ 150 million in Nexters, one of Europe’s top five independent game developers.

Shareholders of Nexters include its founders Fadeev and Boris Gertsovsky, as well as founders of game developer Playrix, Igor and Dmitry Bukhman, who acquired a 43% stake in 2018.

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