Play Magnus Group

Play Magnus Group
PMGMF
FoundedOctober 2013
FoundersMagnus Carlsen
Espen Agdestein
Anders Brandt
FateAcquired by Chess.com
HeadquartersOslo, Norway

Play Magnus Group is a Norwegian chess company co-founded by chess grandmaster Magnus Carlsen in 2013. The company released the mobile app Play Magnus in 2014, before merging with chess24 in 2019 and being acquired by Chess.com in 2022.

History

In October 2013, Magnus Carlsen co-founded the Oslo-based Play Magnus AS, together with his manager Espen Agdestein and entrepreneur Anders Brandt.[1] At its founding, Carlsen owned 60% of the company and Agdestein owned 15%. Investing Carlsen's own money and that of US and Norwegian investors,[2] Play Magnus AS then began developing Play Magnus, a mobile computer chess app. The app released in 2014, and allowed users to play against a chess engine modeled after a database of thousands of positions from recorded games Carlsen played from the age of five and up.[3][4] In November 2016, Play Magnus Group launched Magnus Trainer, a chess learning app,[5] and in 2018 launched its third mobile app, Magnus' Kingdom of Chess, a video game targeted towards young children.[6]

Merge with chess24

In 2019, Play Magnus AS merged with the chess website chess24, consolidating into the Play Magnus Group. Following the merge, the holding company of the two former chess24 owners (Jan Gustafsson and Enrique Guzman) became the largest shareholders in Play Magnus Group.[7][8] In October 2020, Play Magnus Group was listed on the Oslo Stock Exchange. The listing raised 300 million kr (US$30.2 million) for the company, giving it a valuation of 796 million kr (US$85.8 million). After the listing, Magnus Chess, an entity controlled by Carlsen and his family, owned only 9.5% of Play Magnus Group.[9]

Further acquisitions and projects

  • In February 2019, Play Magnus Group acquired Chessable, an interactive marketplace and platform for learning chess.[10][11]
  • In November 2020, the group acquired U.S. website ichess.net.[12]
  • In 2020, the group conducted the first of its yearly Champions Chess Tour,[13] beginning with the Champions Chess Tour 2021 which ran from November 2020 – October 2021.
  • In February 2021, the group acquired the Dutch magazine New in Chess,[14] and the publisher Everyman Chess in May.[15]
  • In March 2021, chess grandmaster Simon Williams joined Play Magnus Group, acquiring his website (GingerGM.com) containing chess video courses and e-books.[16]
  • In May 2021, the group acquired Aimchess, a chess analytics website.[17]

Acquisition by Chess.com

In August 2022, Play Magnus Group accepted an offer to be acquired by Chess.com at a value of 800 million kr (US$80 million). The acquisition was officially closed on December 16, 2022.[18][19] According to Dot Esports, the Play Magnus Group was unable to make a "sustainable profit" on anything but Chessable, and the merge left "no other realistic chess competitor" except the free, open-source Lichess.[20]

References

  1. ^ Nikel, David (9 October 2020). "World Chess Champion Magnus Carlsen Floats Tech Company, Raises $30 Million". Forbes.
  2. ^ Paul, Aniek (10 November 2014). "Magnus Carlsen parlays chess success into hot tech start-up". Mint.
  3. ^ Hartnett, Kevin (19 March 2014). "Playing a young Magnus Carlsen at chess". Boston Globe.
  4. ^ "World chess champion Magnus Carlsen launches app". The Daily Telegraph. 25 February 2014. Archived from the original on 10 January 2022. Retrieved 13 March 2014.
  5. ^ Play Magnus AS: Admission to trading of shares on Merkur Market, via Euronext. 7 October 2020.
  6. ^ Peterson, Macauley (6 June 2018). "Magnus' Kingdom, confidence and Caruana". Chessbase. Retrieved 23 December 2022.
  7. ^ Bjerknes, Christian (2019-03-25). "Sjakkekspert inntar Magnus Carlsens spillselskap" [Chess expert joins Magnus Carlsen's gaming company]. Dagens Næringsliv (in Norwegian). Archived from the original on 2019-03-17. Retrieved 2019-12-20.
  8. ^ "Play Magnus Group". ACF Equity Research. Retrieved 23 December 2022.
  9. ^ "Play Magnus listed on Oslo Stock Exchange". FIDE. 8 October 2020.
  10. ^ "Chessable joins the Play Magnus chess24 family". chess24.com. 3 September 2019. Retrieved 27 February 2020.
  11. ^ "Magnus Carlsen buys chess platform Chessable.com". Financial Times. 3 September 2019. Archived from the original on 10 December 2022. Retrieved 27 February 2020.
  12. ^ "iChess acquired by Play Magnus". ChessTech. 18 November 2020. Retrieved 23 December 2022.
  13. ^ "Champions Chess Tour". Play Magnus Group. Retrieved 23 December 2022.
  14. ^ Marsh, Sean (2 February 2021). "Play Magnus Group and the Acquisition of New In Chess". Chessable. Retrieved 23 December 2022.
  15. ^ "Everyman Chess acquired by Play Magnus". ChessTech. 4 March 2021. Retrieved 23 December 2022.
  16. ^ Marsh, Sean (2 March 2021). "GingerGM Joins The Play Magnus Group". Chessable. Retrieved 23 December 2022.
  17. ^ "Aimchess joins Play Magnus Group". Chess24. 18 May 2021. Retrieved 23 December 2022.
  18. ^ Hermann, Lene Marita Berg (24 August 2022). "Chess vil by 13 kroner aksjen for hele Play Magnus Group" [Chess will offer NOK 13 a share for the entire Play Magnus Group]. Dagens Næringsliv (in Norwegian). Archived from the original on 25 August 2022. Retrieved 26 August 2022.
  19. ^ "Chess.com Officially Acquires Play Magnus, Carlsen Signs As Ambassador". Chess.com. 21 December 2021. Retrieved 23 December 2022.
  20. ^ Kelemen, Luci (24 August 2022). "Chess.com to acquire Play Magnus Group". Dot Esports. Archived from the original on 26 August 2022. Retrieved 26 August 2022.