The Bublar Group of today is a conglomerate of four companies that leverage its proprietary technology within extended realty (XR), augmented reality (AR), motion capture and visual effects (VFX) with the aim of becoming the global leader within the space. The group has an M&A-driven growth strategy and it recently added ~SEK 200m in sales by acquiring the award winning VFX studio Goodbye Kansas Studios.
We anticipate that Bublar Group will enjoy accelerated growth in our forecast period. Key drivers are: the commercialization and appropriate packaging of its platforms via Vobling and Sayduck, the imminent release of Otherworld Heroes and Hello Kitty AR: Kawaii World from Virtual Brains, and Goodbye Kansas Studios opting to enter more extensive framework agreements with its key customers and leveraging its proprietary software through a licensing model.
We see financial risk given if Bublar’s internally developed games, Otherworld Heroes and Hello Kitty AR: Kawaii World, are unsuccessful, Bublar will likely have to raise additional funds. Furthermore, there is a competitive risk where larger companies with greater funding could develop their own platforms to compete with, for example, Vobling and Sayduck.