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Germany-based developer Goodgame Studios announced today that it will be publicly traded indirectly for the first time as it merges with Stillfront Group, a company of independent game makers and publishers. Stillfront Group is listed on the the Nasdaq First North Premier stock exchange.

Goodgame Studios focuses on free-to-play games for mobile and browsers, including the strategy game Empire: Four Kingdoms, which the company says is the highest-grossing app produced by a German studio. Stillfront is home to a number of independent studios, including Unravel creator Coldwood.

At the start of 2017, Goodgame laid off 200 employees.

“We managed to turn things around in 2017 and are now very profitable,” Dr. Kai Wawrzinek, one of the founders and managing directors of Goodgame Studios, noted in a press release sent to GamesBeat. “In the first nine months of 2017 we achieved an EBIT (earnings before interest and tax) of €22 million ($25.95 million). Together with the other studios of the Stillfront Group, we want to pursue our shared vision of creating a gaming company of global importance. Being listed on the stock market provides the flexibility that we require for our plans. Our future looks bright.”


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Goodgame Studios will see no personnel changes as part of the merger. But the merger with a larger, publicly traded company could provide Goodgame stability. The transaction is waiting final approval from Stillfront Group’s shareholder meeting in January 2018.

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