Jam City, a mobile gaming developer, agreed to go public in a merger with DPCM Capital, a blank-check company founded by former Uber executive Emil Michael.
The move gives Jam City a valuation of $1.2 billion, including debt.
As part of the merger, Jam City is acquiring Canadian video game publisher Ludia from FremantleMedia Canada in a deal valued at roughly $175 million.
Jam City’s highest-grossing mobile games in April, per Sensor Tower:
- “Harry Potter: Hogwarts Mystery” ($3 million)
- “Cookie Jam: Match 3 Games” ($3 million)
- “Bubble Shooter: Panda Pop” ($1.9 million)
The “Harry Potter” title has generated $300 million in revenue since its launch in 2018.
The company’s offerings now include Ludia’s “Jurassic Park” IP. Their mobile “Jurassic World Alive” title brought in $900,000 in revenue and 80,000 downloads in April.
In 2020, Jam City was a top 10 game publisher in the U.S. across the App Store and Google Play. The mobile gaming market is expected to exceed $205 billion in revenue by 2023.
“We expect going public will provide us with a source of capital to accelerate our growth and advance our strategic priorities,” said Jam City chairman and CEO Chris DeWolfe.