5th Planet Games has announced today that it has secured financing of up to 42 million NOK ($4.85 million) to make multiple acquisitions in the near future.
The company has signed a letter of intent with asset management firm Formue Nord A/S to receive the financing, and plans to seek out multiple gaming companies to acquire that are profitable, have proven track records within a particular game genre or category, and have committed development teams. Acquired studios will keep local management and continue to develop their own IPs.
Last year, 5th Planet Games was renamed from Hugo Games after Hugo Games acquired Dawn of the Dragons studio (and its new namesake) 5th Planet Games. This, along with its planned future acquisitions, is illustrative of 5th Planet's strategy that does not see single studios as prospects for success. Rather, the company aims to have multiple studios working on a number of IP at once.
"It is important to understand that it's not our ambition to build a big bureaucratic and corporate organization," said CEO Henrik Nielsen. "Instead, we want to make sure that we have strong local leadership in control of their own destiny while having access to commercial and business-related help."
5th Planet Games will also pursue new strategic partnerships in the near future, and is in the process of seeking additional capital for this and its planned acquisitions.