GDEV

GDEV is a Cyprus-based gaming and entertainment holding company that operates a portfolio of game-development and publishing studios. The group is the corporate successor to Nexters, a game company established in 2014 by Andrey Fadeev and Boris Gertsovskiy. Nexters developed from a social-games business into an international publisher focused primarily on free-to-play mobile and browser games, with its best-known franchises including Hero Wars and Throne Rush. The business originated from the combination of two earlier activities. Fadeev had led Progrestar, a social-games developer associated with Friend Factory, while Gertsovskiy had operated the studio Crazy Bit. Their companies joined in 2014, and the resulting Nexters operation established its headquarters in Cyprus. Its first release was Island Experiment, a casual game for social networks. Throne Rush, initially launched by Progrestar in 2013, became an important early strategy title on Facebook and VK. Nexters' principal growth driver became Hero Wars. The browser and action role-playing game was released in 2016, followed by Android and iOS versions in 2017. In 2023, the browser and Facebook edition was renamed Hero Wars: Dominion Era, while the mobile edition became Hero Wars: Alliance. The franchise uses a free-to-play model and combines role-playing, collection, progression and short-session combat systems. It has been distributed internationally across more than 100 countries and became the central commercial asset associated with the Nexters and later GDEV brands. The company expanded its corporate and capital base during the late 2010s and early 2020s. In 2018, Playrix founders Igor and Dmitry Bukhman acquired investor interests in Nexters. Nexters subsequently reported substantial international mobile bookings and became one of Europe's larger independent mobile-game developers. In 2021, it completed a business combination with Kismet Acquisition One Corp. and began trading on Nasdaq under the GDEV ticker. The transaction provided capital intended to support international expansion and portfolio development. GDEV also pursued a multi-studio strategy. In 2022 it announced transactions involving Cubic Games, RJ Games and Royal Ark, while Game Gears became part of the group. Cubic Games brought Pixel Gun 3D, a long-running mobile shooter, and Royal Ark added survival-oriented projects. The portfolio later included Nexters, Cubic Games, Royal Ark, Game Gears and Light Hour Games. GDEV therefore operates less as a single-game publisher than as a holding structure designed to combine established franchises with new development and research projects. The corporate transition from Nexters to GDEV took place in June 2023. GDEV became the listed holding company and Nexters became its largest operating subsidiary, alongside Cubic Games, Game Gears and Royal Ark. The group subsequently broadened its platform reach. In April 2024, Pixel Gun 3D launched on PC through Steam and quickly entered high rankings for sales and concurrent play. Other portfolio products include Island Hoppers, Island Experiment, Chibi Island, Island Questaway, Block City Wars and survival games associated with Royal Ark. GDEV's operating model is based on globally distributed studios, free-to-play monetization, user acquisition and the continued expansion of established intellectual property across platforms. Its audience is international, with reported revenue contributions from the United States, Europe and Asia. The company remains active as a Nasdaq-listed gaming holding company, although its public identity and portfolio structure continue to reflect the Nexters business from which it evolved.

GDEV's history begins with the formation of Nexters in 2014. Andrey Fadeev and Boris Gertsovskiy brought together complementary social-game development businesses after knowing one another for several years. Fadeev had headed Progrestar, a company associated with the viral social game Friend Factory, while Gertsovskiy had run the independent studio Crazy Bit. Their combination created the operating foundation for Nexters, whose headquarters were established in Cyprus. The company's first release was Island Experiment, a casual title for social networks. The business also inherited the momentum of Throne Rush, a strategy game originally released by Progrestar in 2013. Throne Rush became prominent on Facebook and VK, helping demonstrate the value of international free-to-play distribution and social-platform acquisition. Nexters' decisive expansion came with Hero Wars. The browser and action RPG appeared in 2016, and a mobile version followed in 2017. The title became the company's principal franchise, combining character progression, collection systems and short-session combat. Over time it was distributed in more than 100 countries. In 2023, the browser and Facebook edition was renamed Hero Wars: Dominion Era and the mobile game was renamed Hero Wars: Alliance, clarifying the distinction between the two versions while retaining the shared franchise identity. The company's ownership and financing changed as the game portfolio grew. In 2018, Igor and Dmitry Bukhman, founders of Playrix, acquired investor interests in Nexters. Nexters later reported rapid growth in international mobile bookings and was identified as one of Europe's largest independent mobile developers. Its business was heavily oriented toward mobile games, with the United States, Europe and Asia representing important markets. In 2021, Nexters announced a public-market transaction with Kismet Acquisition One Corp. The merger was completed in August, and the company began trading on Nasdaq under the GDEV ticker. The transaction supplied capital for international expansion. During the same period, Nexters continued broadening its portfolio through new projects such as Chibi Island and Island Questaway and by planning additional casual-game concepts. The group pursued acquisitions and minority investments in other studios. In 2022 it announced plans involving Cubic Games, RJ Games and Royal Ark, and Game Gears also became part of the broader studio structure. Cubic Games added Pixel Gun 3D, a mobile shooter with a large installed base, while Royal Ark contributed survival-game expertise and titles including Zombie Miner. These moves marked a shift from reliance on one flagship franchise toward a holding-company model with multiple development teams. The business also underwent significant geographic restructuring in response to the disruption caused by the war in Ukraine and related sanctions. In 2022, Nexters launched a relocation program for critical personnel from Russia, Ukraine and Belarus to Cyprus, Kazakhstan and Armenia. It also transferred its Russia-based gaming operations to local management. Nasdaq temporarily halted trading in the company's shares in February 2022 while seeking further information, and trading resumed in March 2023. On June 22, 2023, Nexters Global Inc. was reorganized as GDEV. The new holding company replaced Nexters as the listed entity and placed Nexters, Cubic Games, Game Gears and Royal Ark within a common corporate structure. The reorganization gave the group a broader identity suited to adding further studios. Light Hour Games was subsequently added to the portfolio in 2025. GDEV has continued extending its games across platforms. Pixel Gun 3D launched on PC through Steam in April 2024 and quickly reached prominent sales and player rankings. Nexters' portfolio also includes Island Hoppers and other casual and social games. By the mid-2020s, the group described itself as a multi-studio operator with more than 900 employees and a portfolio reaching hundreds of millions of downloads. Its current strategy combines live operations for established free-to-play franchises, user-acquisition investment, cross-platform releases and research-and-development projects intended to produce additional games.

• 2025

  Light Hour Games joins the portfolio

  [1]GDEVen.wikipedia.org

  Light Hour Games was added as a portfolio studio focused on mobile development and research projects.

• 2024

  Pixel Gun 3D expands to PC

  [1]GDEVen.wikipedia.org

  Pixel Gun 3D launched on Steam and quickly achieved significant sales and player activity.

• 2024

  Pixel Gun 3D launches on Steam

  [1]GDEVen.wikipedia.org

  GDEV released a PC adaptation of Pixel Gun 3D on Steam, achieving a reported first-day peak of 25,000 concurrent players.

• 2023

  GDEV holding company is formed

  [1]GDEVen.wikipedia.org

  Nexters Global Inc. was reorganized as GDEV, with Nexters becoming the largest subsidiary of the listed holding company.

• 2023

  Nexters is reorganized as GDEV

  [1]GDEVen.wikipedia.org

  The GDEV holding structure replaced Nexters as the listed corporate entity.

• 2022

  Portfolio expansion and relocation program

  [1]GDEVen.wikipedia.org

  Nexters announced transactions involving Cubic Games, RJ Games and Royal Ark, while relocating critical personnel and restructuring its Russian operations.

• 2022

  Portfolio acquisitions are announced

  [1]GDEVen.wikipedia.org

  Nexters announced transactions involving Cubic Games, RJ Games, and Royal Ark, broadening its studio portfolio.

• 2022

  Global relocation program begins

  [1]GDEVen.wikipedia.org

  The company moved critical personnel from several affected countries to Cyprus, Kazakhstan, and Armenia and transferred its Russia-based gaming operations to local management.

• 2021

  Nexters becomes a Nasdaq-listed company

  [1]GDEVen.wikipedia.org

  Nexters completed its business combination with Kismet Acquisition One Corp. and began trading under the GDEV ticker.

• 2018

  Playrix founders acquire investor interests

  [1]GDEVen.wikipedia.org

  Igor and Dmitry Bukhman acquired investor shares in Nexters.

• 2017

  Hero Wars reaches mobile platforms

  [1]GDEVen.wikipedia.org

  Android and iOS versions of Hero Wars were released.

• 2016

  Hero Wars launches in browser format

  [1]GDEVen.wikipedia.org

  Nexters released the browser and action-RPG version of Hero Wars.

• 2014

  Nexters is established in Cyprus

  [1]GDEVen.wikipedia.org

  Andrey Fadeev and Boris Gertsovskiy combined their game-development activities and established Nexters with headquarters in Cyprus.

• 2013

  Throne Rush is released

  [1]GDEVen.wikipedia.org

  Progrestar released Throne Rush before the Nexters combination; the strategy game became a leading social title on Facebook and VK in the following year.

A global multi-studio publisher and developer focused on free-to-play, live-service games with strong international distribution, performance marketing, and cross-platform expansion.

• Mobile action role-playing game · 2017

  Hero Wars: Alliance

  The mobile edition of the Hero Wars franchise, released for Android and iOS in 2017 after the original browser game. It uses a free-to-play model centered on hero collection, character progression, team composition and short-session combat. The game is distributed internationally across more than 100 countries and is one of GDEV's principal live-service products. It was renamed from Hero Wars during the group's 2023 product rebranding. The mobile edition of Hero Wars, released for Android and iOS in 2017. It is a free-to-play, live-service role-playing game built around character collection, team composition, campaign progression, and short-session combat. The game is one of GDEV's principal international franchises and has been distributed in more than 100 countries. It was renamed from Hero Wars during the group's 2023 product rebranding.

• Browser and social-network role-playing game · 2016

  Hero Wars: Dominion Era

  The renamed browser and Facebook edition of Hero Wars. It retains the franchise's action-RPG and character-progression foundations while operating as a separate web-focused product from the mobile edition, Hero Wars: Alliance. The browser and Facebook edition of Hero Wars. The product originated as a browser action RPG released in 2016 and was renamed Hero Wars: Dominion Era in 2023 to distinguish it from the mobile edition. It uses persistent progression and free-to-play live-service mechanics and remains part of the group's core Hero Wars franchise. The renamed browser and Facebook edition of Hero Wars. It originated as a browser action RPG released in 2016 and was renamed Hero Wars: Dominion Era in 2023 to distinguish it from the mobile edition, Hero Wars: Alliance. It retains the franchise's action-RPG and character-progression foundations while operating as a separate web-focused product with persistent progression and free-to-play live-service mechanics.

• Social strategy game · 2013

  Throne Rush

  A social and browser strategy game originally launched by Progrestar in 2013, before the formation of Nexters. Its presence on Facebook and VK helped establish the early Nexters business and demonstrated the company's focus on internationally distributed free-to-play games. A strategy game released by Progrestar before the formation of Nexters. Its social distribution through Facebook and VK helped establish the founders' credentials in free-to-play social gaming and provided an early connection to the business that later became Nexters.

• Mobile and PC shooter

  Pixel Gun 3D

  Cubic Games' block-styled multiplayer shooter and one of GDEV's most important non-Nexters franchises. It was originally associated with mobile distribution and expanded to PC through Steam in 2024, where it recorded strong early sales and player engagement. A voxel-styled mobile shooter associated with Cubic Games. The game combines multiplayer shooting, block-based visual design, character customization, and continuing live-service content. GDEV expanded the title to PC through a Steam launch in April 2024, where it recorded a reported first-day peak of 25,000 concurrent players. Cubic Games' block-styled multiplayer shooter and one of GDEV's most important non-Nexters franchises. It was originally associated with mobile distribution and expanded to PC through Steam in April 2024, where it recorded strong early sales and player engagement, reportedly reaching a first-day peak of 25,000 concurrent players and recovering its PC development costs on release day.

• Casual social game · 2014

  Island Experiment

  Nexters' first release after its formation, designed for social networks. The casual game reflects the company's early roots in browser and social-platform publishing before its later concentration on large mobile franchises. Its advertising, together with Hero Wars advertising, was subject to regulatory scrutiny in Germany according to the supplied reference. Nexters' first release after its 2014 formation. Island Experiment was designed for social networks and formed part of the company's early casual-game portfolio. Its advertising, together with Hero Wars advertising, was subject to regulatory scrutiny in Germany according to the supplied reference.

• Mobile casual game

  Island Hoppers

  A Nexters casual game that became part of the group's international portfolio. The title was reported to have reached a substantial global download base by 2024. A mobile title developed within the Nexters portfolio. The supplied reference identifies Island Hoppers as one of the studio's internationally distributed games and reports that the broader Nexters portfolio had reached 250 million downloads by July 2024. A Nexters casual game that became part of the group's international portfolio. The supplied reference identifies Island Hoppers as one of the studio's internationally distributed games and reports that the broader Nexters portfolio had reached 250 million downloads by July 2024.

• Casual mobile game · 2021

  Chibi Island

  A casual mobile game released by Nexters toward the end of 2021 as part of the company's effort to diversify its product lineup beyond Hero Wars.

• Casual mobile game · 2021

  Island Questaway

  A casual game that Nexters soft-launched in 2021. It formed part of the company's pipeline of new mobile products alongside Chibi Island and planned additional puzzle-oriented projects intended to complement its established role-playing and strategy franchises.

• Mobile survival game

  Zombie Miner

  A survival-oriented title associated with Royal Ark, one of the studios incorporated into the GDEV portfolio. The game surpassed two million downloads according to the supplied reference material.

• Mobile action game

  Block City Wars

  A Cubic Games title reported in the supplied reference as having exceeded 85 million combined downloads on the App Store and Google Play. The reference also describes it as no longer developed.

• Mobile survival game

  Dawn of Zombies

  A survival game associated with Royal Ark, one of the studios added to the GDEV portfolio. The supplied reference identifies the title as no longer developed.

• 2014Hero Wars and Island Experiment social-media advertising

  Germany

  Advertising campaigns for Hero Wars and Island Experiment on social media attracted regulatory scrutiny in Germany. The available reference identifies the scrutiny but does not provide a detailed final enforcement outcome, remedy, or penalty.

  Outcome. The available reference identifies the scrutiny but does not provide a detailed final enforcement outcome. The supplied reference does not specify the regulator's final finding, remedy, or penalty.

  Source

• 2024

  Pixel Gun 3D PC releaseProduct launch

  Background

  GDEV sought additional distribution and monetization opportunities for an established mobile franchise.

  Action taken

  Cubic Games launched Pixel Gun 3D on Steam in April 2024.

  Aftermath

  The release quickly entered high Steam sales and player rankings and reportedly reached 25,000 concurrent players on its first day.

  Source

• 2023

  Creation of the GDEV holding companyStrategy

  Background

  The company needed a corporate structure that could contain Nexters and additional independent or acquired studios. Nexters had expanded into a group containing multiple studios and needed a holding-company structure for its listed operations.

  Action taken

  Nexters Global Inc. was reorganized as GDEV, with Nexters, Cubic Games, Game Gears and Royal Ark placed within the holding company.

  Aftermath

  GDEV replaced Nexters as the publicly traded entity and continued developing a multi-studio portfolio.

  Source

• 2022

  Expansion into additional game studiosM&A

  Background

  Nexters pursued a multi-studio strategy to diversify its portfolio beyond its internally developed Hero Wars franchise.

  Action taken

  The company announced plans to acquire or invest in Cubic Games, RJ Games and Royal Ark, and Game Gears became part of the wider group.

  Aftermath

  The transactions strengthened the foundation for the later GDEV holding-company model.

  Source

• 2022

  Relocation and Russian-operations restructuringStrategy

  Background

  The invasion of Ukraine and resulting sanctions created operational, workforce, and regulatory challenges for a company with personnel and subsidiaries in the region.

  Action taken

  GDEV relocated most critical personnel from Russia, Ukraine, and Belarus to Cyprus, Kazakhstan, and Armenia, while transferring its Russia-based gaming business to local management.

  Aftermath

  The relocation changed the geographic organization of the business. Nasdaq trading was suspended during a regulatory information review and later resumed. The group continued operating internationally, and Nasdaq resumed trading in its shares in March 2023.

  Source

• 2022

  Expansion into a multi-studio portfolioM&A

  Background

  Nexters sought to reduce reliance on its original studio and broaden its exposure to mobile shooters, survival games, and other genres.

  Action taken

  The company announced plans involving Cubic Games, RJ Games, and Royal Ark, with reported transactions totaling nearly $100 million.

  Aftermath

  The portfolio added studios and products including Pixel Gun 3D, Dawn of Zombies, and Zombie Miner.

  Reported aggregate transaction value. Nearly $100 million (2022)

  Source

• 2021

  Public listing through Kismet Acquisition OneM&A

  Background

  Nexters sought access to public-market capital to support international expansion and continued game development.

  Action taken

  The company completed a business combination with Kismet Acquisition One Corp. and began trading on Nasdaq under the GDEV ticker.

  Aftermath

  The transaction established the public-company platform that was later reorganized into the GDEV holding structure.

  Source

• 2021

  Pursuit of a Nasdaq listing through a SPAC mergerM&A

  Background

  Nexters sought public-market funding and international expansion capital through a combination with Kismet Acquisition One Corp.

  Action taken

  The merger was completed in August 2021, and the combined company began trading on Nasdaq under GDEV.

  Aftermath

  The transaction made GDEV the group's public-market identity and provided capital intended for global expansion.

  Transaction valuation and capital raised. $1.9 billion valuation; approximately $150 million brought to Nexters according to the supplied reference (2021)

  Source

• 2024

  Pixel Gun 3D launches on PC through Steam[1]GDEVen.wikipedia.org

  Product launch · Product generation

  GDEV released Cubic Games' Pixel Gun 3D on PC. The game quickly reached notable Steam sales and player rankings and achieved a reported peak of 25,000 concurrent players on its first day.

• 2023

  Nasdaq resumes trading in GDEV shares[1]GDEVen.wikipedia.org

  Regulation

  Trading in the company's Nasdaq-listed securities resumed after the exchange's review.

• 2023

  Nexters becomes part of the GDEV holding structure[1]GDEVen.wikipedia.org

  Leadership change

  Nexters Global Inc. was reorganized into GDEV, which replaced Nexters as the publicly traded holding company and incorporated several game studios.

• 2023

  Nexters reorganizes as GDEV[1]GDEVen.wikipedia.org

  Leadership change

  Nexters Global Inc. was reorganized into the GDEV holding-company structure, with Nexters and other studios operating within the listed group.

• 2022

  Nasdaq suspends trading in Nexters shares[1]GDEVen.wikipedia.org

  Regulation · Other

  Nasdaq halted trading while seeking further information concerning the company in the context of sanctions and regulatory issues following Russia's invasion of Ukraine.

• 2022

  Nexters relocates critical personnel and divests Russian operations[1]GDEVen.wikipedia.org

  Other

  The company announced a relocation program moving most critical personnel from Russia, Ukraine and Belarus to Cyprus, Kazakhstan and Armenia, while transferring its Russia-based gaming business to local management.

• 2022

  GDEV expands its studio portfolio[1]GDEVen.wikipedia.org

  M&A

  Nexters announced plans to acquire or invest in Cubic Games, RJ Games, and Royal Ark, extending the group into mobile shooting, survival, and other game categories.

• 2021

  Nexters announces Nasdaq listing through a SPAC transaction[1]GDEVen.wikipedia.org

  M&A · Other

  Nexters announced a business combination with Kismet Acquisition One Corp. and subsequently began trading on Nasdaq under the GDEV ticker.

• 2021

  Nexters raises additional capital in connection with its public-market transaction[1]GDEVen.wikipedia.org

  Other

  The company announced additional investment from Mubadala Investment Company and VPE Capital during the process of becoming publicly traded. The cited reference describes the transaction as raising approximately $50 million from these investors and approximately $50 million from Kismet.

1. 1GDEVen.wikipedia.org
2. 2GDEV official websitegdev.gg
3. 3GDEV official websitenexters.com