Arizona Sunshine Creator Vertigo Games Acquired by Koch Media for €50m
Vertigo Games, the virtual reality (VR) developer and publisher behind titles such as Arizona Sunshine, Skyworld, Ghost Patrol VR and A Fisherman’s Tale has announced that Koch Media GmbH Austria has acquired the company.
The deal sees Koch Media – a wholly-owned subsidiary of Embracer Group AB – acquire 100 percent of Vertigo Games’ shares for €50 million EUR (€40 million in cash and €10 million in newly issued B shares) reports GamesIndustry.biz.
Joining Koch Media’s global network will help Vertigo Games enhance its publishing capabilities for the publishers own and partner titles, acting as an independent label without changing the existing management or team. The deal also sees Koch Media acquire all Vertigo Games’ intellectual property rights.
“Vertigo Games has gone through rapid growth over the past years, which has seen our team branch out from VR development into publishing, out of home entertainment and distribution, establishing multiple VR brands. I’m proud to see the company enter the next phase as part of the Embracer Group,” said Richard Stitselaar, CEO of Vertigo Games in a statement. “In Koch Media we have found a partner that is just as eager to push the boundaries of gaming, which we will be pursuing even more than before through opportunities for cooperation between the companies.”
“We have been monitoring the VR market over the past years very closely. We feel that now is the right time to extend our groups activities into this amazing and fast-growing sector,” said Dr. Klemens Kundratitz, Koch Media’s CEO. “I am sure that we are only at the beginning of the technological development of VR and what it offers players around the globe. We are delighted that with the acquisition of Vertigo Games, leading VR experts are joining our group. Together, we will push the boundaries of VR gaming even further, combining our strong global development and publishing network with their specialized VR games expertise.”
As part of the announcement Vertigo Games has revealed that six projects are currently in the works, all slated to launch during 2020/2021. One of these in After the Fall, little of which has been heard of since 2019. For further updates, keep reading VRFocus.
Source: Read Full Article