Nexters

Nexters is a Cypriot[1] video game company, headquartered in Limassol, Cyprus. The company story dates back to 2010 when Andrey Fadeev and Boris Gertsovskiy met. They are best known for the social and mobile games Throne Rush and Hero Wars. Nexters is one of the top five independent mobile game companies in Europe.[2]

Nexters
TypePublic
Nasdaq: GDEV
IndustryVideo game industry
Founded2010 (2010) in Russia
Founders
  • Andrey Fadeev
  • Boris Gertsovsky
Headquarters
Limassol
,
Cyprus
Number of employees
500+ (2021)
Websitewww.nexters.com

History

Formation

In 2010 Andrey Fadeev was running Progrestar, a social games development studio, when he first met Boris Gertsovskiy, a future friend and fellow game developer.

By 2012, Boris Gertsovskiy had become the President of Crazy Bit, also a social games development studio. Not long after, Crazy Bit and Progrestar began a partnership. Both teams moved into a new, shared office space and would regularly share best practices and hold cross-company events.

In 2013, Progrestar released Throne Rush, a strategy game ultimately becoming one of the most popular social games on Facebook and VK.

Finally, in 2014, Andrey and Boris decided to form Nexters. This led to Nexters’ first release, Island Experiment, a casual game for social networks.[2]

International expansion

In 2016, Nexters established its new headquarters in Cyprus. At the same time, they also released Hero Wars, an action RPG that soon became a global hit. By 2018, Nexters makes the strategic decision to focus on mobile games development and scaling those games.[2]

Continued growth

In the summer of 2018, the founders of Playrix, brothers Igor Bukhman and Dmitry Bukhman acquired a stake in Nexters.[2]

Nexters generated $318 million in bookings and $120 million in free cash flow to equity (FCFE) in 2020. As of 2020, 35% of the company's net bookings came from the United States, 23% from Europe, and 19% from Asia[3] Its flagship product, Hero Wars RPG, was downloaded 36 million times in 2020 on iOS and Android.[4]

As of 2020, Nexters total installs surpassed 100 million.

Acquisition and IPO

In February 2021, Nexters announced it will go public on the Nasdaq via a SPAC deal with Kismet Acquisition One Corp. The merger values Nexters at $1.9 billion.[3]

Future

In 2021, it plans to launch three more games: Chibi Island and Puzzle Island, as well as a match-3-style game, Riddle Island.[2]

Games
Year Title Genre Platform Notes Ref
2013 Throne Rush Strategy iOS, Android, Facebook, VK
2014 Island Experiment Farming Adventure iOS, Android, Facebook, VK
2016 Hero Wars Fantasy RPG iOS, Android, Facebook, VK, Web Browser
2021 Chibi Island Farming Adventure iOS, Android [2]
TBD Puzzle Island Farming Adventure TBD [2]
TBD Riddle Island Match-3 TBD [2]

References
  1. ""About the company"".
  2. Anastasia Karpova (2020-09-29). ""Ребята совершили невозможное": как российский разработчик игр Nexters за год вырос в 15 раз и почти стал "единорогом"". Forbes Russia (in Russian). Retrieved 2021-04-11.
  3. Dean Takahashi (2021-02-01). "Russian mobile game publisher Nexters will go public via a SPAC at $1.9 billion value". VentureBeat. Retrieved 2021-04-11.
  4. Irina Yuzbekova (2021-02-01). "Российский разработчик игр Nexters выйдет на биржу с оценкой $1,9 млрд". Forbes Russia (in Russian). Retrieved 2021-04-11.
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