Under new Canadian management, the mobile game studio Ludia plans to add 50 new jobs this year and possibly make some acquisitions.
That’s what Jimmy Gendron, the new CEO of Ludia, told me in an interview as local Canadian investors and members of the senior management team bought the company back last week. It’s a rare case of unwinding an acquisition and adding more jobs in the shell-shocked game industry.
Los Angeles-based Jam City bought Ludia in 2021 for $165 million to combine two mobile game companies under the same roof. But the game industry has gone through upheavals since then and Ludia was separate from Jam City, which focuses on casual games. Ludia has a bigger focus on midcore games. That eventually led to the decision to separate the companies. The new purchase price was not disclosed.
“This return to independence marks the beginning of an exciting new chapter for Ludia. I am thrilled about our future, driven by the talent of our team and the support of top-tier financial partners. We now have the opportunity to bring an ambitious vision to life, delivering games that captivate millions of players worldwide,” said Gendron.
Additionally, Alexandre Thabet, the former CEO who founded Ludia back in 2007, is rejoining the company as a shareholder and will serve as chairman of the board.
“It is with great emotion and immense pride that I take part in this announcement today. Thanks to local financial backing and one of the most experienced leadership teams in Canada’s mobile gaming industry, Ludia is poised to move towards its ambitions for the future,” said Thabet, in a statement.
Gendron took over as general manager of Ludia after Thabet left in the wake of the Jam City deal.
“Around the middle of last year, talking with some Canadian investors, we started to think that it would be interesting to approach Jam City and put an offer on the table that was a win win for both sides,” Gendron said. “That’s how it really started. This made sense for both sides.”
This transaction is backed by major investors, including Fonds de solidarité FTQ, Investissement Québec, BDC Capital Growth Equity Partners, Export Development Canada (EDC), and Groupe W, with additional support from National Bank. Dominic Bécotte, Ludia’s former Chief Financial Officer, also played a key role in the transaction as a consultant.
A future as an independent mobile game studio
With its return to Canadian ownership, Ludia has become the largest independent mobile game
studio in the country, further solidifying Montréal and Quebec’s position as one of the world’s top
video game hubs. The company’s headquarters, located in the heart of Old Montréal, currently
employ over 130 people. Gendron hopes to hire an additional 50 over the next year.
With the backing of its financial partners, the company also intends to explore new acquisition opportunities to fuel its expansion.
“Investissement Québec is proud to help bring Ludia’s ownership back to Québec,” said Claude Farrier, EVP of private equity at Investissement Québec, in a statement. “As a key player in the video game industry, Ludia now has the flexibility to grow and expand internationally while remaining firmly rooted locally. By investing $18 million in the company, Investissement Québec is fulfilling its mission to support Québec excellence in key sectors of our economy and foster the creation of world-class champions right here at home.”
And Saloua Benkhouya, vice president of private equity and impact investments, Entertainment and Services, Fonds de solidarité FTQ, said in a statement, “Thanks to the leadership of Jimmy Gendron and Alexandre Thabet, Ludia is returning to its Québec roots. We are proud to partner with them to support the continued growth of a mobile gaming industry leader founded here in 2007. The Fonds’ investment reflects our commitment to backing local entrepreneurs and growing Québec businesses. Having an engaged and experienced leadership team in place is a major asset—not only for Ludia but also for the future of Québec’s entertainment industry.”
Origins
Founded in 2007, Ludia is the largest independent mobile game studio in Canada. The studio has established itself as a key player in the industry by developing over 50 games based on popular franchises and original licenses, including Jurassic World Alive, Jurassic World: The Game, Dragons: Rise of Berk, (not operating: Teenage Mutant Ninja Turtles: Legends, Family Feud) and many more.
Since its inception, the studio has generated over CAD 1.3 billion in revenue, with more than 500 million downloads, and attracts over 3.5 million players each month.
The company’s biggest operating games now include Jurassic World Alive, Jurassic World: The Game and How to Train Your Dragon: Rise of Berk. Some have been around for a decade and are performing well. Teenage Mutant Ninja Turtles and Family Feud are smaller but still operating.
Back to growth
I asked Gendron why the deal took place.
“It was in in the context of becoming independent. Alex is the founder of Ludia and I thought that having him on board as part of this plan to acquire Ludia made a lot of sense,” Gendron said. “Alex accepted and joined this project and became an investor. This gives us a great starting point to start again.”
Some of the jobs will be in corporate roles like finance, marketing, human resources and information technology, but others will be in other game functions. That should be a big boost for employee morale.
“We made the announcement to our staff internally on Friday and and the entire team is super excited about the future,” Gendron said. “As you said, the industry is challenging right now, and for us to do this transaction and announce job creation and enter into a growth investment phase is super exciting for the staff.”
Gendron noted that mobile gaming became tough with the focus on user privacy over targeted ads. Now the market is returning to a new level of growth, Gendron said. There are innovations with user acquisition, some driven by AI, said Gendron.
Montreal remains one of the biggest gaming hubs in the world, with around 15,000 game jobs. But it was not immune from the overall malaise in gaming, which cost about 34,000 lost jobs in 2024. Canada had about 821 game companies in 2023 and 2024, or 78 fewer than the peak in 2020 and 2021. There were 1,250 few jobs during that time.
Source link
