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Monday, May 27, 2024

Monumental Acquires Kongregate, Eyes Dominance in Online Gaming Sector

Austin-based game developer Monumental has just announced its intention and entered into an agreement to acquire the gaming publisher and web portal, Kongregate. 

This game-changing deal could potentially merge both companies’ extensive portfolios and reshape the future of the online gaming landscape.

A Monumental Deal for Both Parties

Monumental Logo
Credits: Google Play

The undisclosed acquisition sum demonstrates Monumental’s commitment to expanding its reach in the gaming industry. 

With the complete merging of the two companies, Monumental CEO Monty Kerr will take the reins of both entities.

In a statement, Kerr expressed his excitement for the acquisition and its impact on both companies, saying, “We are overjoyed to welcome Kongregate into the Monumental family. We can’t wait to see what comes next, and we’re incredibly excited to be part of Kongregate’s future.” 

The combined efforts of Monumental and Kongregate are set to bring forth a new evolution in the gaming industry with a combined portfolio of over 40 games.

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MTG Retains a Stake in Kongregate’s Future Success

MTG and CEO
Credits: The Esports Observer

The Modern Times Group (MTG) had acquired Kongregate in 2017 for a hefty $55 million sum. 

Post-acquisition, MTG is set to retain a 30% stake in the gaming company, shedding light on their continued confidence in Kongregate’s future performance and potential synergies with Monumental.

Maria Redin, MTG president and CEO, shared her perspective on the acquisition, stating, 

“We are happy to have found the right home for the next chapter in Kongregate’s journey. Monumental has a strong track record of managing and growing games, and we are convinced that combining the two portfolios is the right step forward. I wish the teams the best of luck as they now begin their journey together.”

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What’s Next for Monumental and Kongregate?

Merging the expertise and portfolios of both Monumental and Kongregate presents a unique opportunity for growth and innovation within the gaming industry. 

While the specifics of the acquisition deal remain undisclosed, the enthusiasm of both parties indicates a promising future for the combined entity.

As Monumental takes charge in leading both its original portfolio and Kongregate’s diverse lineup of games, opportunities for cross-promotion, collaboration, and the development of new gaming experiences may arise. 

Given the companies’ complementary backgrounds, the partnership could lead to a stronger, more versatile gaming brand capable of adapting to an ever-changing market landscape.

Conclusion: The Future of Gaming is Monumental

The acquisition of Kongregate by Monumental will, undoubtedly, be a significant move in the gaming world. 

As both companies embark on their journey together, there remains much to anticipate in terms of future innovations and improvements in online gaming experiences. 

The union between these gaming powerhouses will likely revolutionize the industry and potentially open doors to new, immersive experiences.

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