In April, Cross Creek portfolio company, Scopely, announced that it had entered into a definitive agreement to be acquired by Savvy Games for nearly $5 billion in cash. The transaction closed on July 16, 2023.

Scopely is an interactive entertainment company and mobile-first video game developer and publisher. At the time of our initial direct investment in 2017, we identified Scopely as a leader in mobile gaming which has been a driver of gaming sector growth. The strong management team has successfully partnered with IP holders to create a portfolio of engaging mobile games globally. The company’s data platform has enabled monetization far above that of other gaming and digital media peers. Scopely has increased its annual revenues, both organically and through acquisitions, to over $1 billion. The company’s business model scaled well and achieved impressive profitability over the last several years.

Cross Creek owned Scopely both directly in three of our funds and indirectly through two underlying managers.