Haveli To Acquire Budge Studios, Leading Mobile Developer of Digital Interactive Entertainment for Children

AUSTIN, Texas–(BUSINESS WIRE)–Haveli Investments, L.P. (“Haveli” or “Haveli Investments”), a technology and gaming-focused private equity firm, today announced that it has entered into an agreement to acquire Budge Studios, a leader in digital interactive entertainment for children, from General Atlantic, a leading global investor. Creating positive and meaningful experiences to inspire kids’ imaginations, Budge Studios is entrusted by, and collaborates with, the world’s most recognized brands in children’s entertainment, including Bluey, PAW Patrol, Barbie, Disney’s Frozen, Hot Wheels and Hello Kitty. Terms of the transaction were not disclosed.

Based in Montreal, Canada, Budge Studios was among the first companies to bring recognized children’s brands to mobile platforms, developing safe, creative and educational apps. Budge Studios has established itself as a leader in children’s entertainment with over 2 billion downloads across its portfolio of mobile games, which have been enjoyed by families in over 200 countries, setting a global standard for quality, safety and innovation.

Ophir Lupu, Senior Managing Director at Haveli Investments, said: “As children’s entertainment content increasingly shifts toward mobile platforms, Budge Studios has built a category leading company supported by a growing global customer base and a highly capable management team. We are excited to partner with Budge Studios to build on its gaming expertise, support the expansion of its portfolio and continue delivering innovative play experiences to audiences worldwide.”

Michael Elman, Budge Studios Co-Founder and Co-Chief Executive Officer, stated: “Sixteen years ago, when kids’ apps were still a novel idea, we set out to build the kind of mobile experiences we wanted for our own young families – safe, high-quality, and genuinely engaging. Reaching this moment in Budge Studios’ evolution is both humbling and deeply meaningful for us. Haveli’s investment provides not only additional capital, but strategic support to accelerate our long-term vision, expand our portfolio, and continue building new play experiences for families as demand for fresh and exciting content continues to grow.”

David Lipes, Budge Studios Co-Founder and Co-Chief Executive Officer, commented: “Haveli’s collaborative approach and experience working with founder-led teams make them an ideal partner for Budge. We’re grateful for our partnership with General Atlantic and excited to work with Haveli as we continue to scale the business. Our long-standing licensing relationships and strong creative culture – built while remaining at the forefront of kids’ digital entertainment – give us great confidence as we continue inspiring creativity and imagination in children everywhere.”

Frederick Robson, Vice President at General Atlantic, said: “It has been a privilege to partner with Budge Studios and support Mike and Dave’s longstanding vision around bringing innovation, adventure and education to interactive content. This transaction reflects the strong foundation and momentum the Budge Studios team has built through a diverse portfolio of games beloved by families globally. We wish them well in their next chapter with Haveli.”

Advisors
Baker Tilly US, LP served as tax and diligence advisors and Latham & Watkins LLP and Davies, Ward, Phillips & Vineberg LLP served as legal counsel to Haveli Investments. The Raine Group served as exclusive financial advisor to Budge Studios and General Atlantic. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Goodmans LLP served as legal counsel to General Atlantic.

About Haveli Investments
Haveli Investments is an Austin-based private equity firm that seeks to invest in the highest quality companies in the technology sector through control, minority or structured equity and debt investments with a focus on software, data, gaming and adjacent industries. The firm seeks to partner with innovative companies, entrepreneurs and management teams throughout a company’s life cycle. Haveli’s experienced team of investors and diverse industry experts will provide operational and strategic support, enabling portfolio companies to focus on driving innovation and increasing growth, scale and operating margins. Underscoring Haveli’s investments is an unwavering focus on a culture of inclusivity and sustainability. For more information, please visit www.haveliinvestments.com, or follow Haveli on LinkedIn, @Haveli Investments.

About Budge Studios
Founded in 2010, Budge Studios is a world leader in kids’ mobile entertainment. Based in Montreal, Canada, Budge Studios develops safe, creative, and educational apps designed to inspire learning through play. With more than 2 billion downloads, its award-winning portfolio includes original experiences as well as collaborations with some of the world’s most recognized children’s brands, enjoyed by millions of children and families worldwide. www.budgestudios.com

About General Atlantic
General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 830 companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long term value. Guided by the conviction that entrepreneurs can be incredible agents of transformational change, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with and scale innovative businesses around the world. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Sustainable Infrastructure strategies. General Atlantic manages approximately $122 billion in assets under management, inclusive of all strategies, as of December 31, 2025, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

Contacts

For Haveli Investments:

Investors
Caroline Bal Doherty
Haveli Investments
[e-mail]

Media
Hugh Burns/ Pamela Greene
Reevemark
[phone]
[e-mail]

For Budge Studios:
[e-mail]

For General Atlantic:
Emily Japlon & Sara Widmann
[e-mail]