CharStudio Acquires Full Ownership of Its Match-3 Portfolio from Phoenix Games

CharStudio, a Ukrainian game studio based in Lviv, has announced the successful acquisition of its match-3 game portfolio from publisher SmileyGamer, owned by Phoenix Games. The deal, finalized in November 2024, grants CharStudio complete control over its titles – marking a major milestone for the company founded by brothers Ihor and Iaroslav Charkovskyi in 2014. The portfolio of the games is available on the AppStore and GooglePlay.

From Breakout Success to New Ownership

CharStudio quickly rose to prominence in the casual gaming sphere through its partnership with SmileyGamer, led by Jochen De Schepper. The collaboration produced multiple match-3 titles, including the holiday-themed Christmas Sweeper 3, which became a global sensation and topped holiday game charts in the United States and beyond.

“It was an outstanding collaboration — two companies acting in unison and expanding both the portfolio and the user base, along with the entire business” – says Iaroslav, CEO of CharStudio.

In 2020, SmileyGamer was acquired by Phoenix Games, effectively giving CharStudio a new publisher. Reports at the time indicated SmileyGamer generated annual revenue of £5 million, but CharStudio felt uneasy about the arrangement. As Iaroslav explains, “We were dissatisfied with the new partners, so we planned to buy back our games and handle publishing ourselves. Finalizing the negotiations took several years and a great deal of effort.”

A “Dream-Come-True” Deal

Those years of negotiation culminated in November 2024, when CharStudio officially reacquired its entire portfolio.

“It’s a dream-come-true type of deal,” says Iaroslav. “We secured everything—games, titles — absolutely everything. I can’t disclose the deal sum, but where else would you find a chance at a positive return on investment by the second year, even in the worst-case scenario?!”

Despite the ongoing war in Ukraine, where the majority of the CharStudio team is based, the studio continued to update and support its games. The successful acquisition during one of the most challenging periods in the country’s history makes this victory especially meaningful for the team. “I’m incredibly proud of our team for improving our products day after day, despite facing air raid sirens, missile and drone attacks, and extremely challenging conditions that inevitably affect everyone’s ability to work“ – adds Iaroslav.

Future Plans

Now operating as its own publisher, CharStudio is focused on elevating the player experience across its entire lineup. Despite being live for eight years, Christmas Sweeper 3 achieved its strongest performance across the portfolio last year. To manage publishing in-house, the company has expanded its team, setting CharStudio up for an “exciting future ahead.”

Another intriguing development involves Phoenix Games’ recent activities. A few days before our deal was finalized, Garden City Games — Indian studio owned by Phoenix Games—released a Christmas-themed match-3 title. We tested it ourselves and compared it to – Christmas Sweeper 3, one of the titles we got back. See the comparison for yourself (Christmas Sweeper 3 is to the right).

“I reached out to Klaas Kersting, CEO of Phoenix Games, with the screenshots above, but haven’t received any response from him” – says Iaroslav.