Huuuge games developer on huge M&A path

Fresh off its big IPO, U.S.-registered mobile games developer Huuuge Inc. is looking closely at five acquisition targets as it seeks to accelerate its growth, its chief executive said, after the company reported a $83 million net loss for 2020.

Warsaw-listed shares of Huuuge, which has a strong presence in Poland and in February conducted the country’s largest gaming sector initial public offering (IPO), were more than 5% lower in response to the net loss which was driven by surging financial costs.

“There are a lot of companies we’re talking with including some companies from Poland but our approach is very much global,” he added.

Boasting companies such as Cyberpunk developer CD Projekt, Poland has developed into a leading video game exporter due to low labour costs, a young, educated workforce and a thriving gaming tradition rooted in the Communist era.

Huuuge raised around $100 million net from its IPO, which it said it would mostly spend on takeovers.

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