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Nazara Technologies Acquires Curve Games: A Strategic Expansion into the Global Gaming Market
In a significant move within the gaming industry, Nazara Technologies, a leading publicly listed and diversified gaming company based in India, has acquired Curve Games, a UK-based publisher, for £21.7 million (approximately INR 247 crore or $28.8 million). This acquisition, finalized on May 20, 2025, marks a strategic step for Nazara as it seeks to broaden its global presence and diversify its portfolio in the interactive gaming and sports media sectors. Curve Games, known for publishing indie titles such as “Human: Fall Flat,” “Dungeons of Hinterberg,” and “The Ascent,” brings a wealth of experience and a strong catalog of games to the Nazara ecosystem.
A Mutually Beneficial Partnership
The acquisition is viewed as a mutually beneficial partnership, aligning with both companies’ long-term strategic goals. For Nazara Technologies, the acquisition of Curve Games strengthens its foothold in the $100 billion-plus PC and console gaming market. Curve’s publishing capabilities are expected to enable Nazara to grow globally and support cross-platform IP development for PC and console games. Nitish Mittersain, CEO of Nazara, emphasized that Curve’s expertise in PC and console publishing makes them an ideal partner as Nazara expands its focus beyond mobile gaming. He added that this acquisition deepens Nazara’s capabilities, brings exceptional IP into its portfolio, and strengthens its mission to build Nazara as a global gaming powerhouse from India. Moreover, Curve will serve as a gateway to the world for Indian game developers.
From Curve Games’ perspective, joining the Nazara family presents an exciting new chapter. Stuart Dinsey, Executive Chairman of Curve Games, noted that Nazara’s ecosystem, access to emerging markets, and long-term orientation make them a strong strategic partner. He expressed alignment with Nazara’s vision of building a leading global indie platform and looks forward to the next phase of growth together. Curve Games will continue to operate autonomously and retain its office in London, with all staff and the leadership team remaining with the company. This ensures continuity and leverages the existing expertise within Curve Games.
Strategic Implications for Nazara Technologies
The acquisition of Curve Games has several strategic implications for Nazara Technologies:
- Diversification of Portfolio: Nazara has been known for its presence in mobile gaming, esports, and sports media. The acquisition of Curve Games allows Nazara to diversify its portfolio by entering the PC and console gaming market more aggressively. This diversification reduces Nazara’s reliance on a single segment and opens up new revenue streams.
- Global Expansion: Curve Games has a strong global footprint, with a presence in key markets such as North America, Asia-Pacific, and Europe. This acquisition provides Nazara with immediate access to these markets, accelerating its global expansion plans.
- Cross-Platform IP Development: Curve Games’ publishing capabilities will support Nazara’s efforts to develop cross-platform IP, allowing games to be released on multiple platforms such as PC, consoles, and mobile devices. This increases the potential audience for Nazara’s games and maximizes revenue opportunities.
- Gateway for Indian Game Developers: Nazara intends to leverage Curve Games as a gateway for Indian game developers to reach global markets. This aligns with the Indian government’s efforts to promote the growth of the gaming industry in India and to encourage Indian companies to become global players.
- Scaling High-Quality Game IPs: Nazara is committed to scaling high-quality game IPs, investing in new development, and supporting passionate indie creators. Curve Games’ portfolio of indie titles fits well with this strategy, providing Nazara with a strong foundation for growth in the PC and console gaming market.
Financial Details and Previous Acquisitions
The acquisition of Curve Games was completed for £21.7 million (INR 247 crore or $28.8 million). This includes Curve’s in-house development studios – Runner Duck in Brighton, UK, and IronOak Games in Vancouver, Canada. Curve Games has demonstrated strong financial performance, generating INR 263.5 crore in revenue and INR 114.4 crore in EBITDA in the calendar year 2024. This indicates that the acquisition is likely to be accretive to Nazara’s earnings.
Nazara Technologies has been actively pursuing mergers and acquisitions to grow its business. In September 2024, Nazara raised $108 million to bolster its M&A goals. Prior to acquiring Curve Games, Nazara acquired Fusebox Games for $27.2 million in August 2024. These acquisitions reflect Nazara’s strategy of expanding its reach and capabilities in the global gaming ecosystem. According to Tracxn, Nazara has bought 16 companies and invested in 23 others so far.
About Curve Games and “Dungeons of Hinterberg”
Curve Games, founded in 2005 by Jason Perkins, has established itself as a leading publisher of indie games. The company has a diverse portfolio of titles, including “Human: Fall Flat,” “The Ascent,” “For The King II” and “Dungeons of Hinterberg.”
“Dungeons of Hinterberg,” developed by Austrian studio Microbird Games and published by Curve Games, is an action role-playing game that combines elements of dungeon crawling and social simulation. The game takes place in the fictional town of Hinterberg in the Austrian Alps and was released for Windows and Xbox Series X/S on July 18, 2024. Versions for the PlayStation 4 and PlayStation 5 were released on March 13, 2025. In “Dungeons of Hinterberg,” players take on the role of Luisa, a law student who goes to Hinterberg for a vacation and ends up exploring dungeons and befriending villagers. The game has received generally favorable reviews, with critics praising its plot, graphics, and dungeon design.
Impact on the Gaming Industry
The acquisition of Curve Games by Nazara Technologies is expected to have a significant impact on the gaming industry:
- Increased Competition: The acquisition will likely lead to increased competition in the PC and console gaming market, as Nazara leverages Curve Games’ expertise and resources to release new and innovative titles.
- Opportunities for Indie Developers: Nazara’s commitment to supporting indie creators could create new opportunities for independent game developers to get their games published and distributed to a wider audience.
- Growth of the Indian Gaming Industry: By using Curve Games as a gateway for Indian game developers, Nazara could contribute to the growth of the gaming industry in India and help Indian companies become global players.
- Consolidation in the Gaming Market: The acquisition is part of a broader trend of consolidation in the gaming market, as larger companies acquire smaller studios and publishers to expand their portfolios and reach.
Conclusion: A Bold Step Towards Global Gaming Dominance
The acquisition of Curve Games by Nazara Technologies is a strategic move that positions Nazara for long-term growth and success in the global gaming market. By diversifying its portfolio, expanding its global reach, and supporting indie developers, Nazara is well-positioned to become a global gaming powerhouse from India. This acquisition not only brings valuable IP, global market access, and a highly experienced team into Nazara’s fold but also reflects its broader strategy of doubling down on core gaming. As Nazara integrates Curve Games into its ecosystem, the gaming industry will be watching closely to see how this partnership unfolds and what new opportunities and innovations it brings to the market. This move underscores the increasing importance of strategic acquisitions in the rapidly evolving gaming landscape, where companies are constantly seeking to expand their capabilities and reach new audiences. With a clear vision and a commitment to investing in high-quality game IPs, Nazara is poised to make a significant impact on the global gaming stage.