Bengaluru-based gaming investment firm Jetapult has acquired a significant stake in Saudi Arabian game developer UMX Studio for USD 4.5 million in an all-cash deal. This acquisition marks Jetapult’s first step into the Middle East and North Africa (MENA) region, highlighting its ambition to expand its investment footprint beyond India. The deal will support UMX’s expansion into global markets, enhance its gaming portfolio, and fund new game development across various genres.
This move comes as the gaming and esports sector in the MENA region sees rapid growth, with Saudi Arabia contributing 39% of the Middle East’s gaming revenue, according to a 2024 Sensor Tower report.
Global Expansion
Jetapult is known for its investments in the gaming sector, with support from prominent investors like Accel Partners, Fireside Ventures, and JetSynthesys. By partnering with UMX Studio, Jetapult aims to bring its proven gaming expertise and advanced technology to the Middle East’s growing gaming industry. This strategic acquisition will enable both companies to strengthen their global presence and accelerate the development of new games.
UMX Studio, founded in 2014, is a Saudi-based developer that creates mobile games for players of all ages. The company has achieved impressive success with over 70 million downloads of its games. The acquisition is expected to help UMX Studio leverage Jetapult’s gaming knowledge and technological tools to accelerate its growth and reach new markets.
Comments on the Acquisition
Speaking about the acquisition, Sharan Tulsiani, Co-founder and CEO of Jetapult, emphasized that their investment goes beyond providing capital. He stated, “We bring proven gaming expertise and cutting-edge technology to enhance gaming experiences within the Middle East’s burgeoning development ecosystem.”
Ali Alharbi, Founder of UMX Studio, expressed excitement about the partnership, noting, “This investment from Jetapult marks a milestone for UMX Studio and the Saudi Arabian gaming industry. This collaboration will accelerate our expansion and empower us with advanced tools and expertise.”
Future Plans
Jetapult has committed to investing USD 100 million in game studios across Southeast Asia, the MENA region, Eastern Europe, and Latin America over the next five years. The firm aims to capitalize on the global growth of the gaming industry by expanding its investments into key markets, including Southeast Asia and Europe.
