Code masters has announced the acquisition of Slightly Mad Studiosdeveloper specializing in driving games and responsible for the franchise Project cars. The transaction is closed per total value of 27 million euros between effective (£ 19.7 million) and actions (£ 3.9 million).
Slightly Mad Studios will continue to work from now on, and the 150 employees whose component will continue in the new merger. Among its new projects, the studio has a mobile game called Project Cars Goa title based on a Hollywood franchise which can be Fast & Furious, and one new own IP.
“The acquisition of Slightly Mad Studios by Codemasters will create a global leader in the racing game genre,” commented Frank Sagnier, CEO of Codemasters. “We share the same passion and vision, and our association will accelerate our growth. With more services in streaming when the market and the next generation of consoles reach 2020, this is the perfect time for Codemasters to take a step forward ”.
“Our driving game board is envious of the industry, and this association will allow us to learn from each other, share resources and take advantage of new platforms and technologies,” said Ian Bell, founder and CEO of Slightly Mad Studios. “My team is fascinated by joining Codemasters, and we are eager to build a relationship based on creativity, passion and the desire to create new experiences that will excite our community.”
The transaction was further concluded with a payment clause with future benefits based on EBITDA (Earnings before interest, taxes, depreciation and amortization, ie the benefit before interest, tax, depreciation and amortization). It is expected that the cost of acquiring Slightly Mad over a period of three years could increase by an estimated 151 million euros.
