28 Apr 2023 07:00
28 April 2023
Team17 Group plc
("Team17", the "Group" or the "Company")
Team17's astragon Acquires Independent Arts
Team17, a global games label, creative partner, and developer of independent ("indie") premium video games and developer of educational entertainment apps for children, and a leading working simulation games developer and publisher, announces that its wholly owned subsidiary, astragon Entertainment GmbH ("astragon") has completed the acquisition of the German development studio, Independent Arts Software GmbH ("Independent Arts", and the "Acquisition").
Independent Arts has been a trusted third-party development partner of astragon for a number of years and has a strong existing relationship with the business. The Acquisition brings a team of experienced 'working simulation' developers in-house to support current owned IP development and accelerate new IP that will launch in future years. Supported by the wider studio knowledge within Team17, this is the first 100% owned studio acquisition by astragon.
The consideration for the Acquisition will be funded from existing cash reserves and is a strategic investment in development capability and therefore is not expected to have any impact on either revenue or adjusted EBITDA in the current financial year.
Debbie Bestwick MBE, Chief Executive Officer of Team17, commented:
"This adds further conviction to our belief in astragon, showing they were a key part of our Group's performance in the first year within Team17 following its acquisition in 2022 and will prove to be an equally important part of our growth journey over the coming years. Led by Julia and Tim, they are an exceptional team and one of the world's best when it comes to producing original, highly creative IP in the hobbyist 'working simulations' sector of the games market, as evidenced by their successful Fire, Police, Bus and Construction simulation titles.
"This is an important opportunity for the astragon team to accelerate its pipeline of new IP and add experienced, fully owned development capability to its operational footprint."
Enquiries:
Team17 Group plc Debbie Bestwick MBE, Chief Executive Officer Mark Crawford, Chief Financial Officer
| via Vigo Consulting
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Houlihan Lokey (Nominated Adviser) Adrian Reed / Tim Richardson
| +44 (0)161 250 3577 |
Berenberg (Broker) Ben Wright / Toby Flaux / Marie Moy / Alix Mecklenburg-Solodkoff
| +44 (0)20 3207 7800 |
Vigo Consulting (Financial Public Relations) Jeremy Garcia / Fiona Hetherington / Kate Kilgallen Team17@vigoconsulting.com
| +44 (0)20 7390 0238 |
About Team17
Team17 Group plc is a global provider of games entertainment to a broad audience. The Group now includes a games entertainment label and creative partner for indie developers, a leading developer of educational apps, aimed at children under the age of eight and a leading working simulation games developer and publisher.
Visit www.team17.com for more info.
Team17 (TM17)