Kuuhubb announces closing of acquisition of Sumoing OY, creator of Recolor
August 18, 2017
Toronto, Canada and Helsinki, Finland – August 18, 2017
– Kuuhubb Inc. (“Kuuhubb
” or the “Company
”) (TSX-V: KUU) is pleased to announce that it has completed the previously announced acquisition of all of the outstanding shares of Sumoing Oy for a total purchase price of €9,000,000.
Recolor, which is the leading coloring book application globally, is a Helsinki-based game development studio that specializes in lifestyle genre apps tailored to a female audience. The application has more than 23 million all-time downloads and over 60 million monthly coloring tasks generating in excess of US$1 million in monthly user subscription revenues.
According to Tero Kuittinen, Chief Strategist of Kuuhubb, Recolor is the most polished, high-quality digital coloring book on mobile and includes over 1,500 art illustrations and unique 3D content. It's easy, smooth and ideal for on-the-go-relaxation. A simple, intuitive user interface combined with beautiful color palettes and illustrations give the user a stress-relieving coloring experience. Recolor uniquely provides style themes to finalize the user’s creation before sharing with others in an active, fast growing creative community within the Recolor application.
“Recolor represents an important step as we expand into women’s lifestyle apps and gamified social communities. The funding of the acquisition via our recent C$17.2 million equity financing brought a distinguished group of institutional investors, strategic partners and family offices into the Kuuhubb fold. We are extremely grateful for the support of our shareholders and excited to welcome new investors. We are also proud of the Kuuhubb and Recolor team,” says Jouni Keränen CEO and Christian Kolster Co-Founder of Kuuhubb Inc.