Swedish holding company and publisher Thunderful Group has acquired games consultancy firm Robot Teddy as part of plans to create a new funding-focused arm.
The new pillar, named Thunderful Investment, joins the company's two other key areas - games development and publishing. Thunder Investment will be led by Robot Teddy under the acquisition.
The deal consists of a £7 million initial cash consideration, and a further £3 million in shares to reinvest in Thunderful, bringing the total consideration to £10 million. Additional earn-out components of a maximum of £12 million may also be paid out if financial targets are met annually until December 31, 2025.
Robot Teddy will continue to offer consultancy and support to independent studios -- which currently includes Innersloth, Superhot and Boneloaf -- as well as focusing on two additional areas: game prototypes and VR funding.
"The acquisition of Robot Teddy supports our strategy to grow our Games segment with "Thunderful Investment"," said Brjánn Sigurgeirsson, CEO of Thunderful Group. "Robot Teddy and their founder Callum Underwood have established a well-earned reputation for their work in the industry. They are exceptionally well-connected and keep their ears to the ground. Along with everything else they do, they will help us invest in superior games and studios".
Underwood added: "I'm delighted to be joining Thunderful. Having them believe in our vision and goals, and understand the path we want to forge for self-published devs in the industry, is rare and wonderful.
"They're giving us the support we need to develop and implement long-term plans that just wouldn't be possible otherwise. We get to manage our own funds, we get to still work with all our clients, and we still get to be Robot Teddy. Hooray!"
Robot Teddy joins a number of companies picked up by Thunderful this year -- the firm acquired Spanish developers Stage Clear Studios last month in a €2.5 million deal.
The publisher also acquired new studio To The Sky back in August, with aims to invest $5 million into the company's first project.