Beach Bum | has been acquired by mobile game developer Voodoo.

 The casual mobile game industry has seen a major purchase by French company Voodoo. Beach Bum, an Israeli gaming studio specializing in tabletop and card games, will be acquired by the business.

Voodoo is giving both cash and shares, plus there are some retention incentives, so it's difficult to obtain an exact figure. A few hundred million dollars may be paid by Voodoo, according to a reliable source. In the last year, Beach Bum has produced $70 million in income, so you get a sense of the scale of the agreement.

Voodoo is best known for its hyper-casual games like Helix Jump, Crowd City, Hole.io, or Paper.io 2, for example. The firm is a game developer as well as a publisher in one. For example, it has developed a tech stack with other studios to maximize distribution and income per user, among other metrics.

Goldman Sachs and Tencent Capital have both invested in the business. Groupe Bruxelles Lambert most recently invested in Voodoo for €266 million ($309 million at the current currency rate). The business is worth €1.7 billion (almost $2 billion) according to the report.

After obtaining new money, Voodoo wasted no time in searching for acquisition prospects for future external expansion. Voodoo now employs 350 employees. Voodoo will take over the jobs of 150 people from Beach Bum.

In addition to adding a few casual titles to its hyper-casual library, Voodoo is entering a new market with this purchase. There are three Beach Bum games available on the App Store right now: Backgammon (Lord of the Board), Spades Royale, and Gin Rummy Stars.

Additionally, the company's business strategy differs. Voodoo's games have always been monetized mostly via advertising. Beach Bum, on the other hand, concentrates on in-game purchases. Voodoo's income streams will be more diverse as a result of the purchase.

"[Beach Bum] is working on two more games at the moment. Voodoo intends to utilize Beach Bum as a launching pad for future in-app sales. So, Gigi Levy-Weiss told me, "I believe they'll want Beach Bum to release as many games as possible."

Beach Bum was co-founded in 2015 by Gigi Levy-Weiss, a general partner at venture capital company NFX. Although he is not presently involved in the gaming company's operations, he is still the company's active chairman of the board.

Gaming in Israel has developed considerably in recent years. There are now 400 distinct businesses involved. There have been a few sales, mostly by European and Asian purchasers from the United States. Avihai Michaeli, a Tel Aviv-based senior investment banker, informed me that Israeli gaming firm Playtika just went public on Nasdaq for an estimated $11 billion value.