Tripledot Studios acquires AppLovin’s games portfolio in $800M push for global scale

Tripledot Studios has confirmed the acquisition of AppLovin’s entire mobile games studio portfolio in a deal valued at approximately $800 million. The transaction, structured as a combination of $400 million in cash and a 20% equity stake in Tripledot, is anticipated to close by early summer 2025, pending regulatory approval.

This acquisition includes 10 studios such as Machine Zone, Lion Studios, Magic Tavern, and PeopleFun, and adds major game titles like Game of War, Project Makeover, Wordscapes, and Cooking Madness to Tripledot’s already diverse lineup. Once finalized, Tripledot will operate 12 studios across 23 cities worldwide and employ over 2,500 people. The company will serve 25 million daily active users and projects annual gross revenue nearing $2 billion, placing it among the top five independent mobile game companies by revenue globally.

AppLovin, originally an ad tech firm, began acquiring studios several years ago to support its machine learning initiatives. Despite these expansions, it has consistently maintained that it is not a game developer at its core. The sale marks a strategic pivot by AppLovin, refocusing entirely on its core advertising technology business. CEO Adam Foroughi noted that while AppLovin respects the craft of game development, it sees greater value in scaling its ad tech offerings and has confidence that Tripledot can better support and grow the acquired studios.

For Tripledot, founded in 2017 in London by industry veterans Lior Shiff, Akin Babayigit, and Eyal Chameides, the acquisition significantly increases its operational footprint, particularly in North America and Asia. With offices already in cities such as London, Barcelona, Warsaw, and Jakarta, Tripledot now extends its reach further into major gaming hubs globally.

Strategically, the deal enables Tripledot to deepen its capabilities in both in-app purchase and in-app advertising revenue models. The company emphasized that none of its games post-acquisition will account for more than 10% of its net revenue, reducing dependency on individual titles and enhancing portfolio resilience. The expanded studio network is also expected to provide access to a broader talent pool across product, engineering, design, and marketing functions.

However, the transition won’t be without challenges. Machine Zone, one of the most high-profile studios in the acquisition, has already experienced significant layoffs, including its CEO and design director, according to filings. While Tripledot has traditionally focused on casual games like Woodoku and Solitaire.com, integrating studios known for midcore and 4X strategy titles could require substantial operational adjustments.

Financial advisory for the deal was provided by Raine Group and BofA Securities for Tripledot, and by Aream & Co for AppLovin. Legal counsel was handled by Latham & Watkins and Wilson Sonsini Goodrich & Rosati, respectively.