Thunderful is based in Sweden and focuses on game publishing, development, and co-development services. Its portfolio includes over 20 intellectual properties across PC and console platforms. The company is also undergoing a restructuring plan to reduce costs and improve cash flow.
The agreement still needs to be approved at a shareholder meeting on August 28. Two of Thunderful’s largest shareholders have already pledged support for the deal.
What Thunderful Brings to the Table
Thunderful Group has built a strong reputation in the indie and AA space. Based in Sweden, the company handles publishing, internal development, and co-development for PC and consoles. Its library includes a mix of original IP and third-party partnerships.
The SteamWorld series is easily its most recognized work, spanning strategy, platforming, and city-building. Other notable games include The Gunk, Lost in Random, and ISLANDERS. Thunderful also supports other developers through its co-development and services division.
In 2024, the company brought in roughly €25 million in revenue. Thunderful currently operates five game studios, each with their own specialties.
Inside the Deal and What It Means for Atari
Atari is putting down about €4.5 million to secure majority ownership of Thunderful Group. The investment comes through a directed share issue worth SEK 50 million, or roughly 333 million new shares. Once approved, Atari will hold about 82 percent of the company’s shares and voting power.
The deal still needs approval at a special shareholder meeting, scheduled for August 28, called specifically to vote on the agreement. Thunderful’s board of directors supports the agreement. So do two of the company’s largest shareholders, Owe Bergsten and Brjann Sigurgeirsson, who together hold nearly 30 percent of the vote. Both have committed to voting in favour.
To stay within Swedish takeover rules, Atari was granted an exemption from making a full buyout offer. If everything goes ahead, the deal will be funded either through Atari’s own capital or a possible loan from IRATA LLC. That’s the holding company of Atari’s CEO, Wade Rosen.
For Atari, this is more than a financial move. It gives the company direct access to Thunderful’s library, talent, and development infrastructure. Atari already owns hundreds of classic gaming IPs, but Thunderful brings in modern hits and active development teams. It also expands Atari’s footprint in the European market, where Thunderful is already established.
Wade Rosen called the deal a major step in Atari’s broader publishing and development plans. With Thunderful currently in the middle of a restructuring plan to cut costs and boost cash flow, Atari seems ready to help shape its next chapter.
Thunderful’s Future Under Atari
The next step is Thunderful’s shareholder vote on August 28. If the deal goes through, Atari will become the controlling owner. From there, all eyes will be on how the company supports Thunderful’s restructuring and future plans.
Thunderful’s catalog includes a mix of in-house IP and third-party titles, many of which are already available on cloud platforms. Atari’s backing could give those games a wider reach, but for now, the focus stays on closing the deal and stabilizing operations.
Whether this leads to new publishing strategies or game releases, we’ll be following closely. Thunderful’s work on SteamWorld Build and The Gunk already shows its ability to deliver polished, creative projects. With Atari in the picture, there’s potential for broader collaboration between classic and modern titles.
For now, the biggest change is ownership. The rest will depend on what comes after August 28. Want more updates on Thunderful, Atari, and their games? Stick with Cloud Dosage for the latest.
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