Toronto’s Spin Master Acquires Makers of Toca Boca, Sago Mini iOS Apps
Toronto-based Spin Master, maker of children’s toys, announced this morning it has acquired Toca Boca and Sago Mini companies from Sweden’s Bonnier Group.
Toca Boca has released 32 kids apps that have been downloaded over 140 million times, while Sago Mini (office located in Toronto) has released 16 apps with over 13 million downloads. Both companies still have over 15 million monthly active users globally.
Ronnen Harary, Co-Chief Executive Officer, Spin Master Ltd., said in a statement “The acquisition of Toca Boca and Sago Mini, with their strong brand presence, allows Spin Master to develop a leadership position in the mobile app space for kids and rounds out our ability to entertain kids in both the physical and digital world.”
It may be a timely exit for Toca Boca, as last fall it reported weak financial earnings based on lower profits. However, the company does have a relatively new subscription-based TV channel, Toca TV, to expand its revenue stream. Spin Master says it will soon debut a toy line for the company’s apps, and Sago Mini as well. The transaction is set to close on May 2, 2016.