Lars Wingefors built Embracer Group by buying every game studio that was not nailed down — over 130 acquisitions in a decade, including Gearbox (Borderlands), Crystal Dynamics (Tomb Raider), and Eidos (Deus Ex). At its peak, Embracer was worth $10 billion and owned more game IP than almost any company except Sony and Microsoft. Then a rumored $2 billion Saudi Arabia deal fell through, the stock collapsed 80%, and Wingefors had to sell off pieces of the empire he spent a decade assembling. The greatest gaming acquisition spree in history met the hardest reality check.
Founded
2011
HQ
Karlstad, Sweden
Total Raised
Public Company
Founder
Lars Wingefors
Status
Public (OMX: EMBRAC B)
Website
www.embracer.comTHE ORIGIN STORY
Lars Wingefors started in the gaming industry as a teenager, selling games from his parents' home in Sweden. He built Nordic Games (later THQ Nordic) and then created Embracer Group in 2011 as a holding company to acquire gaming studios and IP at scale.
His thesis was simple: the gaming industry was full of undervalued studios with great IP that big publishers were neglecting. He would buy them, give them resources, and let them make games.
WHAT THEY ACTUALLY DO
Holding company model. Embracer earns revenue from game sales across its portfolio of studios.
Each studio operates semi-independently. Revenue comes from game sales, DLC, subscriptions, and licensing.
The decentralized model gives studios creative freedom while Embracer provides financial resources and distribution.
THE PRODUCTS
THQ Nordic (publisher). Gearbox Entertainment (Borderlands franchise).
Coffee Stain (Satisfactory, Goat Simulator). Deep Silver (Saints Row, Dead Island).
Saber Interactive. Koch Media.
900+ IP franchises including Tomb Raider, Lord of the Rings, Deus Ex.
HOW THEY GREW
Acquisition at unprecedented scale. Embracer acquired over 130 companies in roughly 10 years, building a portfolio of 240+ game development studios, 900+ owned or controlled IP franchises, and 16,000+ employees.
The strategy was to buy undervalued IP and studios, then fund development of sequels and remakes.
THE HARD PART
The collapsed Saudi deal and aftermath. In 2023, a rumored $2 billion investment from the Savvy Games Group (Saudi Arabia) fell through, causing Embracer's stock to collapse 80%.
The company had structured its growth around the expected capital injection. Without it, Embracer was forced to restructure — closing studios, laying off thousands of employees, and selling pieces of the portfolio (Crystal Dynamics/Eidos sold to Amazon for $600M).
MONEY TRAIL
IPO
2016 · Led by OMX Stockholm
$0 raised
Rights Issue
2020 · Led by Various
$0 raised
Rights Issue
2021 · Led by Various
$0 raised
WHO BACKED THEM
Public on OMX Stockholm. Major investors included the Savvy Games Group (briefly), various Swedish institutional investors, and Wingefors himself (largest individual shareholder).
The company raised capital through multiple share offerings on the Stockholm exchange.
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