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Embracer Group, formerly known as THQ Nordic, announced that it has 118 games under development, including 69 unannounced titles. That sounds a bit crazy, but it’s a measure of how big the Stockholm, Sweden-based game holding company has become. It’s now one of Europe’s biggest game publishers. The company disclosed the development activity today in its earnings report for the year ended April 1.

Embracer Group has five major subsidiaries, with a total of 31 game studios and more than 3,500 employees and contractors. The big groups include Amplifier Game Invest, Coffee Stain Holding, Koch Media, THQ Nordic, and the recently acquired Saber Interactive.

When you think about how unusual this activity is, the company has an average of 29 people working on each game, and each studio has an average of 112 employees. Those are small teams by the standards of triple-A American companies, but they’re large teams for indie games. And that’s what Embracer Group has in its portfolio: a mix of big games and small ones.

Titles coming include Biomutant, Chorus, Deep Rock Galactic, Destroy All Humans!, Iron Harvest, MotoGP 20, Ride 4, Wasteland 3, and WWE2K Battlegrounds.

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And the company has revenues coming in from titles such as Darksiders, Dead Island, Elex, Goat Simulator, Kingdom Come Deliverance, Metro, Monster Energy Supercross, MX vs ATV, Remnant: From the Ashes, Satisfactory, Saints Row, Wreckfest, and World War Z.

During the fourth fiscal quarter ending April 1, the company acquired Saber Interactive, maker of the just-released Snowrunner and World War Z, for $525 million. Saber Interactive has 600 employees.

For the fourth quarter, sales were $138.4 million and operating income was $29.6 million. Embracer Group said it has raised an additional $165.4 million to improve its cash position and acquire even more companies, said CEO Lars Wingefors.

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