# Thunderful Group

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Swedish video game holding company

Thunderful Group AB Type Subsidiary Traded as Nasdaq Stockholm: THUNDR ISIN SE0015195888 Industry Video games Predecessor Thunderful AB Founded December 2019; 6 years ago (2019-12) Headquarters Gothenburg , Sweden Key people Martin Walfisz (CEO) Number of employees 329[1] (2024) Parent Atari SA (2025–present) Website thunderfulgroup.com

**Thunderful Group AB** is a Swedish video game [holding company](/source/Holding_company) based in [Gothenburg](/source/Gothenburg) and subsidiary of the [Atari SA](/source/Atari_SA) holding company. It was founded in December 2019 through a merger between **Thunderful AB** ([Bergsala Holding](/source/Bergsala_Holding)'s video game holding) and Bergsala Holding's distribution business, consisting of [Bergsala](/source/Bergsala), Amo Toys, and [Nordic Game](/source/Nordic_Game) Supply.

The former Thunderful had been founded in December 2017 between Bergsala Holding, Brjánn Sigurgeirsson, and Klaus Lyngeled, incorporating Sigurgeirsson and Lyngeled's [indie game](/source/Indie_game) studios—[Image & Form](/source/Image_%26_Form) and [Zoink](/source/Zoink)—and acquiring the publisher [Rising Star Games](/source/Rising_Star_Games) from Bergsala Holding in July 2018. Thunderful Group has since acquired further developers, the publisher [Headup Games](/source/Headup_Games), and the consultancy firm Robot Teddy. Atari acquired Thunderful in August 2025.

## History

[Image & Form](/source/Image_%26_Form) and [Zoink](/source/Zoink), two [independent video game developers](/source/Independent_video_game_developer) based in [Gothenburg](/source/Gothenburg), developed a close relationship through their founders and [chief executive officers](/source/Chief_executive_officer) (CEOs), Brjánn Sigurgeirsson and Klaus Lyngeled, respectively, became "practically best friends". Although the two studios were separated by the [Göta älv](/source/G%C3%B6ta_%C3%A4lv), Sigurgeirsson and Lyngeled met frequently due to the small size of Gothenburg's indie scene. Among other things, Image & Form and Zoink shared testing activities and marketing capabilities.[2] In 2011, [Bergsala Holding](/source/Bergsala_Holding) (the [parent company](/source/Parent_company) of [Bergsala](/source/Bergsala), [Nintendo](/source/Nintendo)'s exclusive distribution partner in Sweden) acquired 50% of Image & Form.[3] When Sigurgeirsson eventually introduced Lyngeled to the company, Bergsala Holding also acquired half of Zoink in 2014.[2][4]

Sigurgeirsson, Lyngeled and Bergsala Holding decided to merge the two studios and created Thunderful as their [parent company](/source/Parent_company) in December 2017.[5][6] The company was jointly owned by the founding parties: Bergsala Holding held a 50% stake and Sigurgeirsson and Lyngeled 25% each.[5][7] Sigurgeirsson and Lyngeled became the CEO and [chief creative officer](/source/Chief_creative_officer) (CCO), respectively, of Thunderful, while both remained CEOs of their respective studios. The move was announced in January 2018, at which point Thunderful had 46 employees.[6][8] Alongside the merger, a publishing arm called Thunderful Publishing AB was set up to handle third-party game publishing.[7] Ed Valiente, the former [business development](/source/Business_development) manager for [Nintendo of Europe](/source/Nintendo_of_Europe), joined Thunderful as head of publishing in April 2018 and became the [managing director](/source/Managing_director) for Thunderful Publishing.[7][9] That July, Thunderful acquired Rising Star Games from Bergsala Holding. Valiente subsequently became the managing director for Rising Star Games, replacing the departing Martin Defries, while retaining his previous positions.[5][7]

In December 2019, Bergsala Holding combined its distribution businesses—[Bergsala](/source/Bergsala), Amo Toys, and Nordic Game Supply—with Thunderful, creating the Thunderful Group.[3][10] The new company was organised into three operational groups: Thunderful Development, containing Image & Form and Zoink; Thunderful Publishing, containing Thunderful Publishing AB and Rising Star Games; and Thunderful Distribution, containing Bergsala, Amo Toys, and Nordic Game Supply.[10] The group remained under the shared ownership of Bergsala Holding, Sigurgeirsson and Lyngeled, and kept its headquarters in Gothenburg.[10] Sigurgeirsson, who became Thunderful Group's CEO, stated that the merger was highly beneficial but evidenced that further financing was needed for future growth, leading Thunderful Group to eye an [initial public offering](/source/Initial_public_offering) (IPO). Bergsala, as the group's largest entity, was entirely dependent on its partnership with Nintendo at this time.[3]

In February 2020, Thunderful Group acquired Guiding Rules Games AB (Guru Games), a developer based in [Skövde](/source/Sk%C3%B6vde). Through the buyout, Thunderful Games' employee count rose to 170.[11] Later that year, Thunderful Group merged Image & Form, Zoink, and Guru Games to form Thunderful Development AB.[4] Thunderful Development opened a fourth studio in Malmö that June.[12] In September 2020, the company opened an online merch store.[13] Thunderful Group acquired the British studio Coatsink for about [£](/source/Pound_sterling)23 million in October 2020,[14] followed by the Swedish developer Station Interactive AB (The Station) to undisclosed terms in November. Its 35 employees were transferred to Thunderful Development.[15][16]

By November 2020, Thunderful Group was preparing an IPO via the Premier Growth Market of the [Nasdaq First North](/source/Nasdaq_First_North), expecting to raise 750 million [kr](/source/Swedish_krona).[17] The company began trading on 7 December 2020.[18] In its 2020 fiscal year, the company recorded a 46% rise in revenues alongside a fall of net profit by 20%.[18] Thunderful Group announced that it would acquire German publisher and developer [Headup Games](/source/Headup_Games) in February 2021 in a deal worth up to [€](/source/Euro)11 million.[19] With the acquisition, Headup's founder and [managing director](/source/Managing_director), Dieter Schoeller, is to become Thunderful Group's head of publishing.[20] The acquisition was to close by 31 March 2021.[21]

In August 2021, Thunderful Group acquired 91% of Jugo Mirkovic's development studio To the Sky for a symbolic fee, as well as the film studio Tussilago for 1 million kr.[22] In September 2021, Thunderful Group acquired Madrid, Spain-based developer Stage Clear Studios in a deal worth up to €2.5 million.[23] Alongside purchasing the consultancy firm Robot Teddy in October that year, Thuderful Group established Thunderful Investment and two funds, one for game prototypes and one for [virtual reality](/source/Virtual_reality) games, as part of the Thunderful Games segment.[24] In November, Thunderful acquired [mobile game](/source/Mobile_game) developer Early Morning Studio.[25]

In November 2022, Thunderful acquired British developer Jumpship, creator of *[Somerville](/source/Somerville_(video_game))*, for an undisclosed sum.[26] On 17 January 2024 Thunderful cut 20% of its workforce, amounting to around 100 layoffs.[27] In March 2024, the Thunderful Group announced its plan to divest HeadUp Games[28] and later in April 2024, it was announced that Nordic Game Supply will also be divested.[29]

In May 2024, Thunderful announced they would close Stage Clear Studios as part of a restructuring effort.[30] It was also announced that Thunderful Group plans to divest the complete distribution business, which includes AMO Toys and [Bergsala](/source/Bergsala), to Bergsala NDP AB. The plan is to transform Thunderful Group into a company with focus on game development and game publishing.[31]

[Atari SA](/source/Atari_SA) planned an 50 million kr investment into Thunderful in July 2025, which would give Atari around 82% of the controlling shares in the company. As part of this acquisition, Atari plans to restructure Thunderful and its five studios.[32] Shareholders of Thunderful Group approved the acquisition by Atari SA on August 28, 2025, making Atari its majority shareholder.[33]

## Operational groups

Thunderful Groups formerly had two operational groups: the distribution group containing the distribution businesses, and the games group covering the development, investment, and publishing of games.[34] As of July 2024, the distribution business was divested, transforming the company into a "pure-play games company".[35]

### Current subsidiaries

- Development - Coatsink - Early Morning Studio - Thunderful Development AB - Thunderful Development Malmö - To the Sky

- Investment - Robot Teddy

- Publishing - [Thunderful Games Limited](/source/Rising_Star_Games) - Thunderful Publishing AB

### Former subsidiaries

- Stage Clear Studios (closed in 2024)[30]

- [Headup Games](/source/Headup_Games) (sold in 2024)[28][36]

- Nordic Game Supply (divested in 2024)[29]

- [Bergsala](/source/Bergsala) (sold in 2024)[35]

- Amo Toys (sold in 2024)[35]

- Studio Fizbin (closed in 2025)[37]

- Jumpship (sold in 2025)[38]

## References

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1. **[^](#cite_ref-32)** ["Atari enters into an agreement to invest in Thunderful"](https://www.globenewswire.com/news-release/2025/07/29/3122984/0/en/Atari-enters-into-an-agreement-to-invest-in-Thunderful-Group-AB.html). *www.globenewswire.com*. [Archived](https://web.archive.org/web/20250729115233/https://www.globenewswire.com/news-release/2025/07/29/3122984/0/en/Atari-enters-into-an-agreement-to-invest-in-Thunderful-Group-AB.html) from the original on 29 July 2025. Retrieved 18 August 2025.

1. **[^](#cite_ref-33)** Hood, Vic (28 August 2025). ["Thunderful Group shareholders approve $5.3 million Atari acquisition"](https://www.gamesindustry.biz/thunderful-group-shareholders-approve-53-million-atari-acquisition). *GamesIndustry.biz*. [Archived](https://web.archive.org/web/20250828172437/https://www.gamesindustry.biz/thunderful-group-shareholders-approve-53-million-atari-acquisition) from the original on 28 August 2025. Retrieved 28 August 2025.

1. **[^](#cite_ref-34)** ["Thunderful Group Interim Report January – September 2021"](https://thunderfulgroup.com/media/wugbm2lb/thunderful_q3_2021_eng.pdf) (PDF) (Press release). Thunderful Group. 16 November 2021. [Archived](https://web.archive.org/web/20211129162827/https://thunderfulgroup.com/media/wugbm2lb/thunderful_q3_2021_eng.pdf) (PDF) from the original on 29 November 2021. Retrieved 29 November 2021.

1. ^ [***a***](#cite_ref-:3_35-0) [***b***](#cite_ref-:3_35-1) [***c***](#cite_ref-:3_35-2) ["2024-06-28 Thunderful Group AB (publ) has today divested AMO Toys AB, Bergsala Aktiebolag, Thunderful 1 AB and Thunderful Solutions AB to Bergsala NDP AB, thereby becoming a pure-play games company"](https://thunderfulgroup.com/news-room/press-releases/2024-06-28-thunderful-group-ab-publ-has-today-divested-amo-toys-ab-bergsala-aktiebolag-thunderful-1-ab-and-thunderful-solutions-ab-to-bergsala-ndp-ab-thereby-becoming-a-pure-play-games-company/). *Thunderful Group AB*. [Archived](https://web.archive.org/web/20240701134555/https://thunderfulgroup.com/news-room/press-releases/2024-06-28-thunderful-group-ab-publ-has-today-divested-amo-toys-ab-bergsala-aktiebolag-thunderful-1-ab-and-thunderful-solutions-ab-to-bergsala-ndp-ab-thereby-becoming-a-pure-play-games-company) from the original on 1 July 2024. Retrieved 1 July 2024.

1. **[^](#cite_ref-36)** ["2024-05-22 Announcement from Extraordinary General Meeting in Thunderful Group AB (publ) held on 22 May 2024"](https://thunderfulgroup.com/news-room/press-releases/2024-05-22-announcement-from-extraordinary-general-meeting-in-thunderful-group-ab-publ-held-on-22-may-2024/). *Thunderful Group AB*. Retrieved 9 June 2024.

1. **[^](#cite_ref-37)** ["An Update on Studio Fizbin | Thunderful Games"](https://thunderfulgames.com/an-update-on-studio-fizbin/). [Archived](https://web.archive.org/web/20250805011428/https://thunderfulgames.com/an-update-on-studio-fizbin/) from the original on 5 August 2025. Retrieved 7 August 2025.

1. **[^](#cite_ref-38)** McEvoy, Sophie (12 February 2025). ["Jumpship co-founder reacquires studio from Thunderful"](https://www.gamesindustry.biz/jumpship-co-founder-reacquires-studio-from-thunderful). *GamesIndustry.biz*. [Archived](https://web.archive.org/web/20250213161726/https://www.gamesindustry.biz/jumpship-co-founder-reacquires-studio-from-thunderful) from the original on 13 February 2025. Retrieved 13 February 2025.

## External links

- [Official website](https://thunderfulgroup.com/)

Authority control databases MusicBrainz label

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Adapted from the Wikipedia article [Thunderful Group](https://en.wikipedia.org/wiki/Thunderful_Group) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Thunderful_Group?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.