Atari S.A. — M&A Activity 2026

Jun 1, 2026

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ATARI

Atari Acquires Mobile Developer Hipster Whale, Studio Behind Popular Crossy Road Franchise

Acquisition adds the 340M-download Crossy Road franchise and expands Atari's mobile portfolio.

PARIS, FRANCE (June 1, 2026 - 8.00 am CET) - Atari® — one of the world's most iconic consumer brands and interactive entertainment producers — is pleased to announce that it has entered into an agreement to acquire Hipster Whale ("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 expands Atari's mobile development and publishing capabilities, strengthening its position in the growing mobile gaming market. Hipster Whale brings a pipeline of projects built on popular IPs, while gaining access to Atari's expertise in premium game publishing, commercialization, distribution, licensing and hardware. 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, projects for Netflix, Amazon and AirConsole's in-car gaming platform have expanded Atari's premium mobile development business. These projects target a new generation of services that let consumers play across an expanding range of screens — phone, tablet, handheld console, PC, television and in-car displays. The Crossy Road franchise, available in both free-to-play and Apple Arcade versions, will further strengthen Atari's portfolio. That portfolio already includes free-to-play, Apple Arcade and Google Play Pass versions of RollerCoaster Tycoon Classic, the free-to-play mainstay RollerCoaster Tycoon Touch, and the Vampire Falls franchise from recently acquired Early Morning Studio.

Matt Hall, Co-Founder of Hipster Whale, commented: "Hipster Whale loves arcade games. When we created Crossy Road, we defined our company's mission: to bring the spirit of the arcade to new audiences on mobile devices — a focus that has resonated with players worldwide and surpassed 340 million downloads over the past decade. Joining forces with Atari brings together what each company does best: our unique approach to mobile development and Atari's classic IP, licensing strength, and cross-media reach."

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AGREEMENT SIGNED TO ACQUIRE HIPSTER WHALE

Established in 2014 by co-founders Matt Hall and Andy Sum, Hipster Whale is a Melbourne-based studio with a distinguished record of industry accolades. Their debut title, Crossy Road, achieved immediate viral status and has surpassed 340 million downloads to date.

This independent developer has made a significant impact on the industry, garnering over twelve prestigious local and international honors. Notable among these are the Apple Design Award for their breakout hit and the title of 2015 Studio of the Year from the Australian Game Developers Awards.

Throughout its journey, Hipster Whale has established strategic partnerships with prominent global entities, such as Bandai Namco and Disney, resulting in the production of highly successful titles including PAC-MAN 256 and Disney Crossy Road.

The studio maintains its commitment to developing and publishing engaging, accessible entertainment, highlighted by the Apple Arcade exclusive Crossy Road Castle, as well as Piffle, a project realized in collaboration with Mighty Games.

TERMS AND TIMING OF THE ACQUISITION

The purchase price of Hipster Whale will consist of an initial consideration of US$29.3 million payable at the closing of the acquisition, of which (i) US$26 million in cash¹ and (ii) US$3.3 million in newly issued Atari ordinary shares², as well as a remaining earn-out of up to $10 million, payable in cash over the next 3 years based on future performance of Hipster Whale.

For the trailing twelve months ended January 31, 2026, Hipster Whale generated US$8.28 million in revenue and US$4.63 million in EBITDA², reflecting a profitable, cash-generative business. Atari expects the acquisition to be completed in the coming days.

FINANCING OF THE ACQUISITION

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 shares³.

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 approx. 4% of Atari’s share capital⁴. The determination of the number of Atari shares to be issued is on Atari’s share price of €24 per Atari share, in accordance with the terms of the delegation to the board of directors.

The Hipster Whale shareholder agreed to a 1-year lock-up on Atari shares held as of the Closing of the acquisition.

¹ Subject to customary net debt / working capital adjustment. Cash component will be financed via $13.1M bank loan and $14M loan from Atari’s reference shareholder, IRATA LLC (which was approved as a related party transaction)
² Revenue and EBITDA figures based on unaudited financial statements.
³ The issuance will be implemented through a share capital increase of Atari reserved to categories of persons meeting specific conditions made under the delegation to the board of directors of Atari set out in Resolution N°12 of the General Shareholders’ Meeting of Atari held on September 27, 2025.
⁴ Based on a total number of Atari shares, after completion of the share capital increase of 2.914.129 shares.

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About ATARI

Atari is an interactive entertainment company and an iconic gaming industry brand that transcends generations and audiences. The Company is globally recognized for its multi-platform, interactive entertainment, and licensed products. Atari owns and/or manages a portfolio of more than 400 unique games and franchises, including world-renowned brands like Asteroids®, Centipede®, Missile Command®, Pong®, and RollerCoaster Tycoon®. The Atari family of brands includes game developers Digital Eclipse and Nightdive Studios, the publishing label Infogrames, and the community-based sites AtariAge and MobyGames. Visit us online at www.Atari.com.

Atari shares are listed in France on Euronext Growth Paris (ISIN Code FR00140173Y6, Ticker ALATA) and OTC Pink Current (Ticker PONGF).

©2026 Atari Interactive, Inc. Atari wordmark and logo are trademarks owned by Atari Interactive, Inc.

Contacts

Atari - Investor Relations
Tel +33 1 83 64 61 58 - investisseur@atari-sa.com | www.atari.com/news/

Actus Finance & Communication - Marie Calleux
Tel +33 1 53 65 68 66 - atari@actus.fr

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