SPAC: Mobile Game Studio Jam City To Go Public In $1.2B Deal

A major mobile game developer in the US has sealed a deal to go public through a merger with a…

Jam City CEO Chris DeWolfe

A major mobile game developer in the US has sealed a deal to go public through a merger with a special-purpose acquisition company. That game developer is Jam City, one behind hit titles including Cookie Jam and Panda Pop.

Merger Details

  • Jam City has agreed to merge with DPCM Capital, Inc. (NYSE: XPOA) to become a publicly traded company. DPCM is a SPAC formed by former Uber executive Emil Michael. It raised $300mn from an IPO in October 2020.
  • As agreed, Jam City’s merger values the mobile games studio at $1.2bn. The merger will see Jam City get $300mn held in trust by DPCM Capital plus a $100mn PIPE round from private investors. From that money, Jam City will pay $175mn to buy Ludia, a Canada-based mobile game developer.
  • Also, part of Jam City’s SPAC proceeds ($88mn) will provide liquidity to an early investor named Austin Ventures. All-in, Jam City will have roughly $115mn of cash at hand after the merger.

Revenue Stats

  • Jam City’s investor presentation indicates bookings of $570mn in 2020, compared to $471mn in 2019. The company hasn’t given a solid breakdown of revenue and net income yet.


  • Jam City was founded by the duo of Colin Digiaro and Chris DeWolfe. They were both co-founders of the MySpace, the leading social networking site of a past era.
  • Since its start in 2010, Jam City has grown on the backs of frequent mergers & acquisitions adding gaming titles to its arena. The M&A strategy was fueled by over $300mn in venture funding.
  • Jam City’s investors include Austin Ventures and South Korean mobile game developer Netmarble.
  • Upon its merger, Jam City will start trading on the New York Stock Exchange under the “JAM” ticker symbol.

Photo: Jam City CEO Chris DeWolfe, credit: jdlasicalicensed under CC BY 2.0

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