Atari Acquires Mobile Developer Hipster Whale to Expand Mobile Gaming

Atari® — one of the world’s most iconic consumer brands and interactive entertainment producers — has agreed on June 1, 2026, to acquire Hipster Whale, the multi-award-winning studio behind Crossy Road and PAC-MAN 256, founded in 2014 by Matt Hall and Andy Sum.

The acquisition significantly expands Atari’s mobile development and publishing capabilities, strengthening its position in the fast-growing global mobile gaming market. Hipster Whale brings a strong pipeline of projects built on globally recognised IP, while gaining access to Atari’s expertise in premium game publishing, commercialization, global distribution, licensing and hardware-enabled entertainment experiences.

Atari expects Hipster Whale co-founder Matt Hall to take a leadership role overseeing its expanding mobile development efforts. “Atari and Hipster Whale share DNA for classic retro-style gaming, and together we can lean on each other’s strengths — Hipster Whale for mobile gaming, and Atari for premium gaming — to significantly expand our mobile business,” said Wade Rosen, Chairman and CEO of Atari. “The acquisition of Hipster Whale is a significant milestone in Atari’s growth plan.”

Over the past 24 months, Atari has expanded its premium mobile development business through projects with Netflix, Amazon, and AirConsole’s in-car gaming platform. These initiatives support a broader strategy focused on cross-device entertainment experiences across mobile phones, tablets, handheld consoles, PCs, televisions, and in-car displays. The addition of Hipster Whale further strengthens this ecosystem, particularly through the Crossy Road franchise, available in both free-to-play and Apple Arcade versions.

Atari’s broader portfolio includes free-to-play, Apple Arcade, and Google Play Pass versions of RollerCoaster Tycoon Classic, the free-to-play title RollerCoaster Tycoon Touch, and the Vampire Falls franchise from recently acquired Early Morning Studio. Hipster Whale’s IP portfolio, including Crossy Road and PAC-MAN 256, adds further scale and diversification to Atari’s mobile publishing pipeline.

Hipster Whale, founded in 2014 in Melbourne by Matt Hall and Andy Sum, has achieved significant global success, with Crossy Road surpassing 340 million downloads. The studio has received more than twelve industry awards, including the Apple Design Award and the 2015 Studio of the Year award from the Australian Game Developers Awards. It has also collaborated with global partners including Bandai Namco and Disney, producing successful titles such as PAC-MAN 256 and Disney Crossy Road, as well as Apple Arcade exclusive Crossy Road Castle and Piffle in collaboration with Mighty Games.

“Hipster Whale loves arcade games. When we created Crossy Road, we defined our mission: to bring the spirit of the arcade to new audiences on mobile devices,” said Matt Hall, Co-Founder of Hipster Whale. “That mission has resonated globally, surpassing 340 million downloads over the past decade. Joining forces with Atari brings together our strengths: our approach to mobile development and Atari’s classic IP, licensing strength, and cross-media reach.”

The purchase price of Hipster Whale consists of an initial consideration of US$29.3 million payable at closing, comprising US$26.0 million in cash and US$3.3 million in newly issued Atari ordinary shares, as well as a contingent earn-out of up to US$10.0 million payable in cash over the next three years based on future performance. This implies a total potential transaction value of US$39.3 million.

Based on trailing twelve-month financials ended January 31, 2026, Hipster Whale generated US$8.28 million in revenue and US$4.63 million in EBITDA, reflecting a profitable and cash-generative business. At an implied enterprise value of US$39.3 million, the transaction represents approximately 4.8x revenue and 8.5x EBITDA on a headline basis.

The transaction is expected to be completed in the coming days.

A portion of the purchase price corresponding to US$3.3 million will be paid by way of debt set-off against the issuance of newly issued Atari SA shares. The reserved capital increase will result in the issuance of 117,813 new Atari shares. As a result, a Hipster Whale shareholder will hold upon completion of the capital increase approximately 4% of Atari’s share capital. The Hipster Whale shareholder has agreed to a one-year lock-up on Atari shares held as of closing.