Nazara Technologies’ Acquisition of Curve Games: A Strategic Analysis

Introduction: A Power Move in the Global Gaming Arena

In a significant development for the gaming industry, Nazara Technologies, a leading publicly listed diversified gaming company in India, has acquired Curve Games, an award-winning UK-based game publisher. This acquisition, finalized on May 20, 2025, marks a strategic expansion for Nazara, bolstering its presence in the global PC and console gaming market. Curve Games, known for publishing indie hits like “Human Fall Flat” and “Dungeons of Hinterberg,” will continue to operate autonomously from its London office, with its existing staff and leadership team remaining in place. This move not only enriches Nazara’s portfolio but also signifies the growing ambition of Indian gaming companies on the international stage.

The Acquisition Details: A Multi-Million Dollar Deal

Nazara Technologies acquired 100% ownership of Curve Digital Entertainment Ltd (“Curve Games”) for INR 247 crores, which is approximately £21.7 million or $28.8 million. This financial commitment underscores Nazara’s determination to strengthen its position in the gaming sector. The acquisition includes Curve Games’ in-house development studios, Runner Duck in Brighton, UK, and IronOak Games in Vancouver, Canada, further enhancing Nazara’s development capabilities.

Strategic Rationale: Why Curve Games? Why Now?

Expanding Beyond Mobile Gaming

Nazara Technologies, traditionally focused on mobile gaming, aims to diversify its portfolio by venturing into the PC and console gaming market. Curve Games, with its proven expertise in publishing PC and console titles, provides an ideal entry point. Nitish Mittersain, CEO of Nazara Technologies, emphasized that Curve’s expertise makes them a perfect partner as they expand their focus beyond mobile into high-quality, cross-platform gaming.

Global Market Access

Curve Games has a strong presence in key gaming markets, including North America, Asia Pacific, and Europe. This global footprint aligns with Nazara’s vision of becoming a global gaming powerhouse. The acquisition provides Nazara with immediate access to these established markets, accelerating its international expansion.

Valuable IP and Publishing Expertise

Curve Games boasts a diverse portfolio of globally recognized games with over 100 million downloads. This acquisition brings valuable intellectual property (IP) into Nazara’s fold, enhancing its content library and attracting a broader audience. Curve’s publishing capabilities will also enable Nazara to support cross-platform IP development, creating long-term value across the game lifecycle.

Gateway for Indian Game Developers

Nazara Technologies aims to leverage Curve Games as a “gateway to the world” for Indian game developers. This initiative supports the growth of India’s gaming ecosystem by providing local developers with a platform to reach global audiences.

Curve Games: A Deep Dive

History and Foundation

Curve Games was founded in 2005 by Jason Perkins and has since established itself as a prominent publisher of indie games. The company has a track record of identifying and nurturing talented indie developers, bringing their creative visions to market.

Notable Titles

Curve Games is known for publishing several successful indie titles, including:

• Human Fall Flat: A physics-based puzzle platformer that has garnered a massive following due to its quirky gameplay and hilarious moments.
• Dungeons of Hinterberg: A more recent release, this action RPG combines dungeon crawling with social simulation elements, showcasing Curve’s ability to innovate and cater to diverse player preferences.
• The Ascent: A cyberpunk-themed action RPG with stunning visuals and intense combat, demonstrating Curve’s commitment to high-quality production values.
• For the King Franchise: A series of strategic RPG adventures.
• Bomber Crew: A strategic simulation game that puts players in command of a World War II bomber crew.
• Wobbly Life: An open-world physics sandbox game that encourages creativity and exploration.
• Badlands Crew: A recently released title that has already gained traction on Steam.

Development Studios

The acquisition includes Curve Games’ in-house development studios:

• Runner Duck (Brighton, UK): Known for its work on titles like “Bomber Crew,” Runner Duck brings valuable development expertise to Nazara.
• IronOak Games (Vancouver, Canada): The studio behind the “For The King” franchise, IronOak Games adds strategic RPG development capabilities to Nazara’s portfolio.

Nazara Technologies: Building a Global Gaming Empire

Expansion Strategy

The acquisition of Curve Games is part of Nazara’s broader strategy of expanding its portfolio through mergers and acquisitions. The company has been actively investing in gaming and media companies, with approximately 16 company acquisitions and investments in 23 others.

Previous Acquisitions

Prior to acquiring Curve Games, Nazara Technologies acquired Fusebox Games for $27.2 million. Nazara also owns early learning app Kiddopia and the sports and eSports media organization Sportskeeda.

Financial Performance

In 2024, Curve Games reported sales of INR 263.5 crores (approximately £24.4 million), EBITDA of INR 114.4 crores (approximately £10.6 million), and PBT of INR 49.6 crores (approximately £4.6 million). These figures highlight the financial strength and growth potential of Curve Games, making it an attractive acquisition target for Nazara.

Industry Impact: A View from the Top

Executive Perspectives

• Nitish Mittersain (CEO, Nazara Technologies): “Curve’s proven expertise in PC and console publishing makes them an ideal partner as we expand our focus beyond mobile into high-quality, cross-platform gaming. This acquisition deepens our capabilities, brings exceptional IP into our fold, and strengthens our mission in building Nazara as a global gaming powerhouse from India. Curve will also serve as a gateway to the world for Indian game developers.”
• Stuart Dinsey (Executive Chairman, Curve Games): “Joining the Nazara family is an exciting new chapter for Curve. Nazara’s ecosystem, access to emerging markets, and long-term orientation make them a strong strategic partner. We are aligned in our vision of building a leading global indie platform, and we look forward to the next phase of growth together.”
• Sharon Baylay (Chair, Catalis Group): “We’ve been proud to have Curve Games, a multi-award-winning publisher of great indie games, within our group. However, we know that they will take their successes to a new level as part of Nazara Technologies. We are grateful for the contribution of the Curve Games team, and we wish them well on the next stage of their journey.”

Industry Trends

The acquisition reflects several key trends in the gaming industry:

• Globalization: Gaming companies are increasingly looking to expand their reach and tap into new markets.
• Cross-Platform Development: The lines between mobile, PC, and console gaming are blurring, with companies focusing on developing games that can be played across multiple platforms.
• Indie Game Popularity: Indie games continue to gain popularity, offering unique and innovative gameplay experiences that appeal to a wide audience.

Potential Challenges and Opportunities

Integration

Integrating Curve Games into Nazara Technologies while maintaining its autonomy will be crucial. Nazara needs to ensure that Curve retains its creative independence and continues to foster strong relationships with indie developers.

Market Competition

The gaming industry is highly competitive, with numerous established players vying for market share. Nazara will need to leverage Curve’s expertise and IP to stand out from the crowd and attract players.

Growth Opportunities

The acquisition presents numerous growth opportunities for Nazara:

• Expanding into New Genres: Curve Games’ diverse portfolio allows Nazara to explore new genres and cater to a wider range of player preferences.
• Leveraging Emerging Markets: Nazara can leverage its presence in India and other emerging markets to promote Curve’s games and attract new players.
• Developing New IP: By combining the development expertise of Runner Duck and IronOak Games with Curve’s publishing capabilities, Nazara can create new and innovative gaming experiences.

Conclusion: A New Era for Nazara and Curve

The acquisition of Curve Games by Nazara Technologies represents a strategic move that has the potential to reshape the global gaming landscape. By expanding into the PC and console gaming market, leveraging valuable IP, and fostering the growth of Indian game developers, Nazara is positioning itself for long-term success. As Curve Games continues to operate autonomously, its indie spirit and commitment to quality will undoubtedly thrive under Nazara’s umbrella. This acquisition is not just a business transaction; it’s a testament to the evolving dynamics of the gaming industry and the rise of Indian gaming companies on the world stage. The future looks bright for both Nazara Technologies and Curve Games as they embark on this exciting new chapter together.