AppLovin acquisitions and the 2025 sale of its studios

analysisAppLovin's prospectus states that from 2018 it invested more than $1 billion in 15 acquisitions and partnerships. It bought PeopleFun, Inc. on March 31, 2018 for $19.8 million in cash plus an earn-out, and MAX Advertising Systems, Inc. on September 4, 2018 for $31.9 million and shares; MAX became its in-app bidding platform. In 2019 it added SafeDK in July and the studio Clipwire Games in November. ^{1 2}

analysisIt also bought finished games: in January 2019 from Recoded, an independent foreign developer, for $150.0 million upfront and $90.0 million deferred, and in August 2019 four games from a Cyprus company for $131.6 million upfront plus earn-outs. Its 2021 subsidiary list includes a Cyprus company, Samfinaco Limited, though the seller is not named. ^{1 3 2 4}

analysisIn 2020 AppLovin bought Geewa a.s. of the Czech Republic for $25.6 million on January 31, 95.5% of Redemption Games on April 6, and Machine Zone on May 19 by a merger with a subsidiary of its subsidiary Morocco, Inc., settling Machine Zone's debt for $328.6 million. The prospectus lists twelve owned and partner studios, among them Lion Studios, ZenLife and the partner studio Magic Tavern. ^{1 3 5}

analysisOn April 20, 2021 AppLovin's subsidiary AppLovin Active Holdings, LLC bought adjust GmbH, the Berlin measurement company, for a stated $980.0 million in convertible securities, cash and a holdback; Spree Eternity GmbH was also a party to the agreement. In 2021 it bought further games for $300.0 million upfront. On January 1, 2022 it bought Twitter's MoPub business for $1.03 billion and on April 1, 2022 Wurl, Inc. for $378.2 million; its 2025 report states there were no business combinations in 2024 or 2025. ^{1 2}

analysisIn August 2022 AppLovin proposed a combination with Unity Software and withdrew it. In April 2025 it confirmed an indication of interest to the President of the United States in TikTok's business outside China, without a transaction. ^{1 2}

analysisOn February 12, 2025 AppLovin announced a term sheet to sell its mobile gaming business for $900 million. On May 7, 2025 AppLovin, Morocco, Inc. and AppLovin GmbH agreed to sell it to Tripledot and its subsidiaries Eton Games and Tripledot Group Holdings; Foroughi and Tripledot's chief executive Lior Shiff signed an amendment on June 30, 2025, when the sale closed for $715.6 million, $430.6 million in cash and Tripledot shares worth $285.0 million. ^{1 2 3}

analysisAppLovin kept responsibility for certain proceedings concerning its former studios. Directory and encyclopedia records show AL Gaming GmbH of Berlin and Machine Zone under Tripledot after the sale. Geewa was sold earlier: the Czech register shows AppLovin as sole shareholder until August 4, 2022 and then Vendetera Invest s.r.o., owned by Ryan Matthew De Santo, who had joined Geewa's board in 2021; Herald Chen sat on Geewa's board from October 2021 to August 2022. ^{2 4 5 6 7 8}