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STREAMPLAY STUDIO LIMITED — M&A Activity 2024
Dec 22, 2024
65841_rns_2024-12-22_8b50cbab-feea-461c-82e9-11b6d8e27b48.pdf
M&A Activity
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23 December 2024
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ASX Release
Streamplay Studio Completes Acquisition of North American Indie Gaming Leader, Noodlecake Studios
Streamplay Studio Limited (“ Streamplay ” or the “ Company ”) (ASX: SP8), is pleased to announce the acquisition of Noodlecake Studios Inc. (“ Noodlecake ”), a leading North American indie gaming company, has been successfully completed in line with previously announced commercial terms (ASX: 25 November 2024). Effective 1 January 2025, Noodlecake becomes a significant part of the Streamplay family, marking an exciting new chapter in our strategic expansion.
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HIGHLIGHTS
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Streamplay completes Noodlecake acquisition for a total consideration of C$8,198,385 (~A$9.1M), effective 1 January 2025.
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Payment to be structured as 60% upfront (~A$5.5M), with two 20% payments (~A$1.8M each) on the Jan 2026 and Jan 2027 anniversaries.
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Long-serving Senior Executive Ryan Holowaty steps into CEO role of the new subsidiary, bringing decades of expertise in publishing, partnerships, and strategic growth.
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Noodlecake boasts over 270 million downloads across 60+ games and has a history of award-winning titles, as both developer and publisher.
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Noodlecake has over its history generated over ~A$42 million through primary monetisation channels, with additional revenue from other sources.
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Noodlecake averaged annual revenue of ~A$7.3 million and EBITDA of ~A$1.8 million over the 3 years ending 31 December 2023.
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The 2025 lineup includes highly anticipated titles on Xbox, Steam and Nintendo Switch, with 5 new titles earmarked to launch as early as Q1.
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Opportunities to combine Noodlecake's creativity with Streamplay's resources to drive growth and expand into new markets.
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Streamplay Studio Limited | ASX:SP8 | ACN 004 766 376 | Streamplay.studio | [email protected] | +61 2 9680 8777
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About Noodlecake
Founded in Canada in 2011, Noodlecake is an established, reputable and profitable indie game studio and publisher. With a diverse portfolio of over 60 games listed across more than 10 storefronts and available in over 45 countries, Noodlecake has engaged players worldwide with award-winning content, achieving over 270 million downloads to date.
Noodlecake’s revenues are driven by its presence on major digital storefronts such as the Apple App Store , Google Play , Steam (PC) , and Nintendo Switch , with recent expansions into Xbox and PlayStation .
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Their adaptable revenue model spans premium sales, microtransactions, advertising, and exclusive platform deals with curated partners like Apple Arcade , Google Play Pass , and Xbox Game Pass , providing consistent income and scalability.
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By collaborating with leading indie creators worldwide, Noodlecake has maintained a lean and flexible approach. This resilient model aligns with Streamplay’s growth strategy and enhances revenue stability as Noodlecake continues to expand into new markets and platforms.
Noodlecake Games
Noodlecake has a vast portfolio of games that offer a variety of experiences spanning different genres and platforms, from thought-provoking puzzles to fast-paced action and heartfelt adventures. While some noteworthy releases and upcoming titles are listed below, the full catalogue is available to explore on their website at www.noodlecake.com.
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Streamplay Studio Limited | ASX:SP8 | ACN 004 766 376 | Streamplay.studio | [email protected] | +61 2 9680 8777
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In-House Titles
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Super Stickman Golf 3[1]
Master quirky courses and clever power-ups in this multiplayer golfing adventure.
Available On: iOS, Android
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Golf Blitz
An exhilarating multiplayer golf game where quick reflexes and strategy are key.
Available On: iOS, Android
Award Winners
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Alto's Odyssey[2]
Master quirky courses and clever power-ups in this multiplayer golfing adventure.
Available On: iOS, Android
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Yes, Your Grace[3]
Rule wisely and navigate the complexities of a medieval kingdom in this RPG.
Available On:
PC, Xbox, PlayStation, Nintendo Switch
1 Awards: Apple Editor’s Choice, 2019
2 Awards: Apple Design Award Winner, 2018
3 Awards: Google Play Best Indie Game, 2024
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Streamplay Studio Limited | ASX:SP8 | ACN 004 766 376 | Streamplay.studio | [email protected] | +61 2 9680 8777
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Fan Favourites
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Superliminal
Bend reality with perspective-based puzzles in this fan-favourite brainteaser.
Available On:
PC, Xbox, PlayStation, Nintendo Switch, iOS, Android
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Getting Over It
Climb your way to victory in this maddeningly fun physics-based challenge.
Available On:
PC, iOS, Android
Fast-Paced Action
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Art of Rally
Race through iconic rally cars and scenic landscapes in this stylish driving game.
Available On:
PC, Xbox, PlayStation, Nintendo Switch
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Descenders
Speed down extreme slopes in this highoctane downhill biking game.
Available On:
PC, Xbox, PlayStation, Nintendo Switch
The Company is equally excited about its upcoming lineup of titles, with five new releases planned as early as Q1 2025. This slate showcases Noodlecake’s creativity and versatility as a leading indie publisher. Notable upcoming releases include:
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Streamplay Studio Limited | ASX:SP8 | ACN 004 766 376 | Streamplay.studio | [email protected] | +61 2 9680 8777
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Super Flappy Golf
Coming to: Apple App Store, Google Play
The surprise App Store hit, Flappy Golf is back for its third most “ SUPER ” instalment yet. Building on what has made this franchise successful, Super Flappy Golf has a whole birdie collection meta game system, new control mechanics, new courses with improved mechanics and all the same charm, multiplayer frenzy and fun that the first 2 games are known for. It’s going to be a flappin good time.
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| Noodlecake | |
|---|---|
| Developer | |
| Noodlecake | |
| Publisher | |
| Q1 2025 | |
| Expected Release | |
| Apple App Store, Google Play |
|
| Platforms | |
| Free to Play, In-App Purchases |
|
| Price Point | |
| Everyone | |
| Age Rating | |
| Sports | |
| Genre | |
| Hand-drawn 2D | |
| Graphics | |
| Single Player and Real- Time Multiplayer |
|
| Play Mode | |
| Flappy, Golf, Race, Arcade, Cartoon, Fun |
|
| Tags | |
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Streamplay Studio Limited | ASX:SP8 | ACN 004 766 376 | Streamplay.studio | [email protected] | +61 2 9680 8777
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Sacre Bleu
Coming to: Switch, PC (Steam)
Sacre Bleu[4] is a whimsical puzzle-adventure game that invites players to step into a vibrant, hand-drawn world filled with clever puzzles and quirky characters. Set in a colorful and charming universe, players will embark on a journey full of mystery, surprises, and creative challenges. The game combines humor, strategy, and artistic design, offering a refreshing and fun experience for puzzle lovers and story-driven gamers alike.
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| Hildring Studio Inc | |
|---|---|
| Developer | |
| Noodlecake | |
| Publisher | |
| Q1 2025 | |
| Expected Release | |
| Switch, PC (Steam) | |
| Platforms | |
| TBC | |
| Price Point | |
| Rating Pending | |
| Age Rating | |
| Hack n’ Slash Platformer | |
| Genre | |
| Hand-drawn 2D | |
| Graphics | |
| Single Player | |
| Play Mode | |
| Fast-paced, Bullet-time Action-Platformer, Puzzle, Adventure, Whimsical, Creative, Cartoony |
|
| Tags | |
4 Trailer: Search ‘ Sacre Bleu - Release Trailer ’ on the Noodlecake YouTube Channel
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Streamplay Studio Limited | ASX:SP8 | ACN 004 766 376 | Streamplay.studio | [email protected] | +61 2 9680 8777
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Winter Burrow
Coming to: Xbox, Game Pass, PC (Steam)
Winter Burrow[5] is a cozy woodland survival game where you explore a frozen wilderness, gather resources, craft tools, and meet new friends. As a mouse returning to your childhood home, you must restore your burrow, solve the mystery of your missing Aunt, and enjoy a relaxing survival experience with a light-hearted story.
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| Pine Creek Games | |
|---|---|
| Developer | |
| Noodlecake | |
| Publisher | |
| Q3 2025 | |
| Expected Release | |
| PC (Steam), Xbox, Game Pass, Switch |
|
| Platforms | |
| $19.99 USD | |
| Price Point | |
| ESRB: Everyone 10+, PEGI: 7+, IARC: 7+ |
|
| Age Rating | |
| Cozy Survival Crafting | |
| Genre | |
| 2D isometric hand-drawn ink-outline comic book style |
|
| Graphics | |
| Single Player | |
| Play Mode | |
| Cozy, Survival, Crafting, Exploration, Relaxing, Life Sim, Atmosphere |
|
| Tags | |
5 Trailer: Search ‘ Winter Burrow Announcement Trailer - Xbox Games Showcase 2024 ’ on Xbox YouTube Channel
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Streamplay Studio Limited | ASX:SP8 | ACN 004 766 376 | Streamplay.studio | [email protected] | +61 2 9680 8777
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Flick Shot Rogues
Coming to: PC (Steam)
Flick Shot Rogues[6] is a satisfying roguelike dungeon crawler that combines tactile flicking mechanics with strategic turn-based gameplay. Players line up perfect shots to send their hero spinning across the board, triggering explosive combos. Each journey is unique with reshuffled enemies and rewards, allowing players to collect powerful items, talents, and curses to conquer the dungeon.
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| Butter By The Fish | Butter By The Fish | |
|---|---|---|
| Developer | ||
| Noodlecak~~e~~ | ~~Studios~~ | |
| Publisher | ||
| Q3 2025 | ||
| Expected Release | ||
| PC (Steam) | ||
| Platforms | ||
| TBC | ||
| Price Point | ||
| Rating Pending | ||
| Age Rating | ||
| Roguelike Dungeon Crawler |
||
| Genre | ||
| Hand-drawn 2D | ||
| Graphics | ||
| Single Player | ||
| Play Mode | ||
| Action, Roguelike, Dungeon Crawler, Turn- Based Combat |
||
| Tags | ||
6 Trailer: Search ‘ Flick Shot Rogues - Announcement Trailer ’ on the Noodlecake YouTube Channel
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Streamplay Studio Limited | ASX:SP8 | ACN 004 766 376 | Streamplay.studio | [email protected] | +61 2 9680 8777
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Leadership Appointment
As part of this acquisition, Streamplay is excited to announce Ryan Holowaty as the new CEO of Noodlecake. Formerly Noodlecake’s long-serving COO, Ryan has played a pivotal role in shaping the company’s strategic growth and success. His experience spans key areas, including securing major publishing opportunities, cultivating strong relationships with global storefronts, and negotiating funding agreements that have enabled Noodlecake to scale organically and responsibly.
The Company is confident that Ryan’s expertise and strong industry reputation uniquely position him not only to continue expanding Noodlecake’s core business but to also play a pivotal role in Streamplay’s broader vision of growth through future strategic acquisitions.
Ryan Holowaty, CEO of Noodlecake, commented:
“ Joining Streamplay is an incredible opportunity for Noodlecake to take the next step in our journey. With Streamplay’s support, we’re excited to bring even more amazing indie games to players worldwide, explore ways to grow the studio, and expand into new markets. This is a chance to build on everything we’ve accomplished so far and push Noodlecake to the next level, reaching new players while staying true to the creative spirit that defines us. ”
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With over a decade of leadership at Noodlecake, Ryan has been central to the studio’s success, fostering high-profile partnerships and bringing acclaimed games like Super Stickman Golf , Descenders , Superliminal , and Getting Over It to millions of players. Under his guidance, the company has evolved from a mobile-only developer to a platform-agnostic publishing powerhouse, releasing titles across all major gaming platforms, including console, PC, and subscription services. His strategic foresight in both publishing and platform relationships has cemented Noodlecake as a trusted partner in the indie gaming industry. Known for his deep understanding of player engagement and monetization strategies, Ryan is poised to drive Streamplay’s expansion into North American markets and support the company’s vision of further acquisitions within the indie gaming sector.
Synergies
The acquisition of Noodlecake brings a range of synergies that enhance the strategic alignment between the two companies. Streamplay’s existing game studio, currently focused on supporting Cloud Gaming R&D, will benefit significantly from working alongside Noodlecake’s experienced team, whose established practices and market-tested insights will inform new developments. Streamplay also gains exposure to North American markets.
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Streamplay Studio Limited | ASX:SP8 | ACN 004 766 376 | Streamplay.studio | [email protected] | +61 2 9680 8777
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Likewise, Noodlecake will gain operational advantages through Streamplay’s corporate and finance teams based in Australia, providing essential financial oversight and resources to support growth as Noodlecake expands its publishing reach.
Additionally, Noodlecake will work closely with Streamplay’s technology R&D teams to develop tools aimed at further streamlining Noodlecake’s publishing division, with the shared objective of expanding global partnerships. Noodlecake’s current publishing collaboration with South African-based studio, Clockwork Acorn, highlights the potential for synergistic projects across Streamplay’s global footprint, which already includes offices in Cape Town, Perth, Fiji and San Francisco, further positioning Noodlecake for efficient international expansion.
With both companies operating on compatible technology and operational platforms, the integration process will be streamlined, allowing for swift collaboration and project rollout. These synergies enable Noodlecake to leverage essential resources across Streamplay’s infrastructure while reinforcing Streamplay’s expansion in the direct-to-consumer gaming space.
Bert Mondello, Chairman of Streamplay Studio, commented:
“ We’re thrilled to officially welcome Noodlecake to the Streamplay family. This marks a significant step forward for our strategy as we enter 2025 with a strong lineup of releases and a shared vision for growth. With Noodlecake’s established reputation and expertise as a leading North American indie studio, and our combined resources, we’re well positioned to expand into new markets and deliver exceptional gaming experiences to players worldwide. The year ahead promises to be an exciting one. ”
For further information
Investor relations:
E: [email protected] P: +61 2 9680 8777
About Streamplay Studio
Streamplay Studio Limited (ASX:SP8) is a leading provider of competitive casual gaming and eSports technology, music and sports streaming services, and telco value-added services. The company offers a diverse range of entertainment solutions for its users, including the ability to stream and play games, music, sports, and access various telco services all in one place. Streamplay continues to innovate and expand its offerings to meet the ever-changing needs of its partners and customers.
More information: www.Streamplay.studio
ASX release authorised by the Board of Directors of Streamplay Studio Limited
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Streamplay Studio Limited | ASX:SP8 | ACN 004 766 376 | Streamplay.studio | [email protected] | +61 2 9680 8777