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@Avalon.red

Games developer snaps up British rival for £1.4m

by LLB Reporter January 2, 2020

written by LLB Reporter 2^nd Jan 20 2:20 pm

Team17 a videogamer developer company has bought rival Yippee Entertainment for £1.4m, the Yorkshire based company has announced.

The company popular for the Worms series said the deal will allow Team17 to increase studio capacity along with new talent.

Bosses said the £1.4m takeover deal will be made up of £922,407 in cash and shares in Team17 that is worth £433,200 along with a 3-year lock in period until 2023.

Debbie Bestwick, chief executive officer of Team17 said, “MediaCityUK is a wonderful location for our second UK studio and the acquisition of Yippee allows us to accelerate our recruitment plans in the North West.”

In the six months to June pre-tax profits jumped to £10.4m from only £31,000 of the same period last year, Team17’s last set of results showed.

On the back of new launches and a solid performance from their back catalogue of titles the games developer saw profits soar as revenues nearly doubled to £30.4m.