Idinvest sells eRepublik via trade sale

The deal saw the GP fully exit its controlling stake while the company's CEO, Alexis Bonte, also sold his stake. All shares were sold for an aggregate €7.5m. As part of the acquisition, Stillfront fully acquired the company's existing shares with a €4.05m all-cash injection and the remaining €3.45m via the issue of new shares.

Furthermore, the sale agreement foresees an earn-out provision of €13m payable by Stillfront, provided that certain targets are met. The consideration includes 50% of the amount to be paid in cash, while the remaining 50% will be paid in newly issued shares in Stillfront. The total purchase price will not exceed €20.5m.

Debt
Following completion of the transaction, Stillfront will also provide a €500,000 loan to eRepublik to allow the company to repay its debt.

Previous funding
In June 2008, Idinvest Partners structured a €600,000 seed funding round for the business alongside high-net-worth individual Brent Hoberman. Further funding came from angel investors.

More recently, the GP led a €2m series-A funding round for the company in June 2009, and later provided a reported €500,000 expansion-stage funding in April 2012.

Company
Founded in 2007, eRepublik develops browser- and mobile-based strategy games. The company is based in Dublin and Bucharest, and also has a presence in Madrid.

According to a statement, the company has 34 employees and generated €2.5m in revenues in 2016 with an operating profit margin in the region of 20%.

People
eRepublic Labs – Alexis Bonte (co-founder, CEO).
Stillfront Group – Jörgen Larsson (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Technology
• UK / Ireland
• Trade sale
• Ireland
• IDInvest Partners (AGF Private Equity)