Nazara Technologies announced the acquisition of Bluetile Games S.L. and Bestplay Systems S.L. in March 2026 to enhance its casual gaming portfolio and AI-native development stack. Bluetile brings a diversified casual game portfolio, while Bestplay offers a proprietary rewarded engagement network. The deal structure includes an upfront payment of USD 100.3 million for 50% equity, with significant performance-linked earn-outs totaling USD 98.2 million, aligning future payouts with performance through CY27-29.
Strategic Rationale: Strengthening Nazara’s Platform
Nazara is executing a strategic move to strengthen its platform by acquiring Bluetile Games and Bestplay Systems. This acquisition combines scalable game development capability (Bluetile), a player engagement and distribution layer (Bestplay), and data-driven, AI-assisted live operations. Together, they create an integrated gaming platform covering the full value chain, from content creation through user acquisition, engagement, and monetization.
The deal directly supports Nazara’s commitment to its IP-led strategy by adding scaling and monetization infrastructure, enabling cross-promotion across the entire Nazara portfolio, and boosting live operations.
Acquired Entities Overview
Bluetile Games S.L. operates a diversified portfolio of casual, social mobile games in formats like puzzles, sorting, and tile-based games, including titles such as Yatzy and Mahjong Voyage. Its portfolio currently features 17 Active Games, boasting 375 million Downloads and 22 million Monthly Active Users.
Bestplay Systems S.L. offers a rewarded engagement platform designed to drive user acquisition, retention, and cross-promotion across mobile games. Bestplay users collect coins convertible into rewards, providing an alternative to dependence on paid external User Acquisition (UA). The platform currently achieves 1.2 million monthly installs and 2.2 million monthly active users.
Financial Snapshot (CY25)
The combined entities demonstrated strong profitability in CY25, delivering Revenue of USD 153.6M (~INR 1,405 Cr) and EBITDA of USD 27.7M (~INR 254 Cr). The portfolio is diversified, with the Top 5 games contributing to less than 40% of total revenues in CY25.
Scalable AI-Native Development Advantage
A core benefit is the integration of AI-native development. Bluetile/Bestplay leverages AI embedded across the full stack, with 90–95% of data architecture and 80% of backend code being AI-developed, supported by automatic AI code reviews. This has proven successful, demonstrated by the launch of 5 games in 6 months using a reusable AI-powered game template, targeting 50% faster development velocity.
Proof of Speed: The game Pixel Blast was developed in just 2 months (including holidays), validating a faster, leaner production model. The strategic goal is to enter high-potential verticals earlier and become a fast follower in breakout categories.
Transaction Structure and Payouts
The acquisition utilizes a performance-linked structure to ensure Nazara pays only for delivered results.
- Upfront Consideration: Nazara UK will initially acquire 50% equity for USD 100.3 million (~INR 918 crores) at close. USD 59.7 million is payable at first close, with the remainder within 6 months.
- Residual Stake: The remaining ~50% can be acquired by Nazara UK by 2028 via a Put/Call Option, valued based on 6.6x trailing calendar year EBITDA.
- Performance Earn-Outs: An estimated USD 98.2 million (~INR 898 crores) is linked to achieving aggregate revenue and EBITDA targets for CY2027–2029, payable during 2028–2030.
The transaction will be treated as a full acquisition from the date of the first close, meaning 100% of financials will be consolidated immediately, without recognizing any minority interest.
Source: BSE
