Enad Global 7 (Owner of Daybreak Games) Acquires Palia Developer Singularity 6

Enad Global 7, the owner of Daybreak Games (think EverQuest, Dungeons & Dragons Online, DC Universe Online, etc), announced today that they acquired Singularity 6, the developer behind the free to play 'cozy' farming simulator Palia. No terms were disclosed, but Enad Global 7 did say they would fund the acquisition with cash on hand, which stood at ~$9m last quarter, which leads me to believe the acquisition was completed at $9m or less.

While Palia maintains a respectable playerbase on Steam (averaging a little over 8,000 concurrent players over the last 30 days), the game was not considered a success, as it had a budget of over $40 million. The game's new owner, Enad Global 7, is a small game developer based in Sweden valued at ~$120m.

Enad Global 7 was pleased to announce the acquisition and is optimistic about Palia's prospects:

Palia is just beginning its journey and it is off to an excellent start. Palia was originally released in open beta through S6’s own PC platform in August 2023 and since then has been released on Epic Game Store, Nintendo Switch and Steam. Throughout the open beta, S6 team has continued to deliver expanded gameplay and content, driving increases in player population and engagement. Over 4 million players have come to enjoy the experience in open beta so far and as of the end of June 2024, over 100,000 players have been actively enjoying the game daily. The game’s growth trends are promising with the game reaching peak concurrent user level on Steam with its latest update in June. The game is making great progress towards the completion of version 1.0, with a plan to release across all the major platforms, broadening the distribution and increasing the potential for significant further growth in player base going forward.

Further Reading: Official Announcement