Sumo Digital has announced that Perwyn LLC has acquired the stake in the company previously owned by NorthEdge Capital, a move which the studio management hopes will enable the development of in-house IP at the studio.
NorthEdge became involved with Sumo in 2014 when it invested in the firm in order to facilitate the management buyout which bought independence from Foundation 9, earning itself two seats on the board in the process. Since that MBO, the company has grown quickly and considerably, building headcount to 350 and opening a new Nottingham studio whilst upping revenues by 60% to £23 million a year. The firm is also looking to double headcount at its Pune, India branch. Why NorthEdge has decided to sell now isn't clear, but CEO Carl Cavers expects the new partners to offer plenty to the company's future.
"With major projects such as Crackdown 3 and Dead Island 2 under way, it's an exciting time for Sumo," said Cavers. "Perwyn has demonstrated a deep understanding of Sumo, our culture and the market in which we operate and we look forward to working with them as we embark on the next stage of our journey."
Andrew Wynn, partner at Perwyn, also sees a bright future ahead.
"Perwyn is delighted to be partnering with Sumo and its exceptional management team, led by co-founder Carl Cavers, to support the next stage in its growth. We believe there are significant opportunities ahead for Sumo as a leading independent games developer in a growing, global market place including the potential to apply the team's substantial creative and technical capabilities to new titles and IP development."