My.Games Is Cutting All Ties With Russia And Transferring Russian Licenses To A New Company
Earlier this year, Russian tech company VK (formerly known as Mail.ru) sold off its subsidiary and video games publisher My.Games to Aleksander Chachava a managing partner at LETA Capita. The latest news from My.Games is that it’s decided to cut all ties with Russia and will be establishing a new independent company to take over all business in the region.
“My.Games, a leading international game developer and publisher, today announces a business restructuring and decision to exit the Russian market,” the company announced in a press release. “As a result of the restructuring, the part of the business generating revenue in Russia will be spun off into a new independent entity with no affiliation to MY.GAMES, and MY.GAMES will cease all operations in Russia. My.Games will focus solely on international business development, as well as improving infrastructure for its distributed team.”
The said independent entity is Astrum Entertainment (not to be confused by the now-defunct Astrum Online Entertainment), a joint venture between Aleksander Chachava and Innova and Polish equity firm Innova Capital which used to be owned by Enad Global 7.
According to My.Games, transferring Russian licenses to Astrum will allow them to focus exclusively on improving its infrastructure and developing its global brand. The Amsterdam-based company has offices and staff located all around the world, including Cyprus, Finland, Spain, Korea, and China. It’s also started opening co-working spaces in key regions such as Armenia and Turkey with additional ones opening its doors in EMEA in 2023.
