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GP Bullhound advised GameRefinery on its acquisition by Vungle

Empowering game developers with actionable insights.

Helsinki, 2 March 2021 - GP Bullhound acted as exclusive financial advisor to GameRefinery on its acquisition by Vungle, backed by Blackstone. Sellers include founders Markus Råmark, Joel Julkunen, and Veli-Pekka Julkunen, as well as the company’s employees, and investor Visionplus.

GameRefinery is an industry-leading SaaS-based mobile game analytics company that offers game developers access to actionable intelligence and insights about the mobile games market and individual games, helping them stay competitive and boost revenue. The company also offers advertising intelligence tools, enabling advertisers to deliver contextually relevant campaigns and to increase user acquisition performance.

Vungle is a leading mobile performance advertising platform based in San Francisco. As part of the transaction, the entire GameRefinery team will join the Vungle organisation, while operating out of Helsinki, Finland.

Markus Råmark, CEO and co-founder of GameRefinery, commented: “We are excited to join Vungle’s team with our shared vision of building leading-edge game analytics and proprietary creative intelligence. The GP Bullhound team has been instrumental in orchestrating this successful outcome for the shareholders and employees of GameRefinery.”

Sven Raeymaekers and Carl Wessberg, Partners at GP Bullhound, commented: ”We are proud to have helped GameRefinery and its stakeholders enter this partnership with Vungle. The GameRefinery founders are true visionaries in this sector and we look forward to seeing them transform the landscape in the years to come.”

This is further testament GP Bullhound’s track record in gaming infrastructure, with previous transactions including the acquisition of DeltaDNA by Unity, the acquisition of Quixel by Epic Games, and the investment in Cubic Motion by NorthEdge, among many others.

For enquiries, please contact:
Sven Raeymaekers, Partner, at
Carl Wessberg, Partner, at

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 10 offices spanning Europe, the US and Asia. For more information, please visit

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