Aonic acquires NDreams for $110m

Aonic has acquired VR developer NDreams for approximately $110 million.

NDreams' co-founders Patrick and Tamsin O'Luanaigh will remain in their positions as CEO and CPO, as will the rest of the executive team.

The Farnborough-based studio will use the funding for future investments including third-party publishing and potential studio acquisitions.

As a result of the acquisition, Mercia Asset Management, which previously held a minority stake in NDreams, has now exited the developer. The UK tech investor received a £30.2 million return in its investment of NDreams, consisting of £26.4 million in cash and a £3.4 million stake in the developer.

Earlier this year, Aonic had taken a minority stake in NDreams following a $35 million investment.

Patrick O'Luanaigh commented: "We set up NDreams in 2006, pivoted to focus exclusively on VR games in 2013, and we're proud of everything we've achieved as an independent company.

"After 18 months of working together, we're confident we've found the right partner in Aonic. This is the right moment to welcome their support to strengthen our position even further, and seize this critical moment for VR and MR."

Aonic CEO Paul Schempp added: "NDreams has done an unparalleled job bringing some of the biggest VR titles to market, and it was a natural fit for us to welcome them to the Aonic family and provide our studios with the best team when it comes to the VR/MR gaming space.

"This acquisition is yet another example of Aonic's commitment to championing mid-sized studios and creating an environment where teams can create fantastic games."

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