Entertainment firm ups its global game
Deal for StoryToys to increase market share
BUSINESS: A Yorkshire global games entertainment label is set to increase its market share after signing a deal to buy a developer and publisher of educational entertainment apps.
Team17 has entered into an agreement to acquire the business and assets of StoryToys, which has produced apps for Disney and Warner Bros.
A YORKSHIRE-BASED global games entertainment label is set to increase its market share after signing a deal to buy a developer and publisher of educational entertainment apps for children.
Team17 has entered into an agreement to acquire the business and assets of StoryToys, which has produced apps for Disney and Warner Bros.
In a statement, Wakefieldbased Team17 said: “The acquisition establishes a new highly complementary and fast-growing edutainment vertical for Team17, strengthening the enlarged group’s position as a leading games entertainment business.
“The initial consideration for the acquisition is US$26.5m, with a further maximum US$22.5m payable in cash on delivery of certain targets by the vendors within three years following completion of the acquisition and will be funded from Team17’s existing cash reserves.”
Founded in 2011 and based in Ireland, StoryToys is a multiaward-winning company specialising in edutainment apps for children under the age of eight and has produced apps with many leading children’s brands, including The LEGO Group, Disney, Pixar, Penguin, Sesame Workshop, Dick Bruna, Warner Bros, Hasbro, and Nickelodeon.
Debbie Bestwick MBE, CEO of Team17, commented: “I am thrilled to be welcoming StoryToys
into the Team17 family and believe our shared culture and values perfectly align.
“In StoryToys, we are acquiring a highly creative and successful team whose ability to both entertain and educate children is truly best in class.
“Their track record is without question but the depth of talent that exists within the business gives us an unrivalled position within a hugely exciting and highgrowth edutainment area.”
Emmet O’Neill, CEO of StoryToys, commented: “Team17 is the perfect home for StoryToys as we enter into this incredible new chapter. Our goal is to be the number one provider of edutainment content for young children. Collaborating with Team17 will make that a faster and more exciting journey.
“We believe in creating the best possible digital learning experiences for children.
“We look forward to the possibilities that are opened up by collaborating with what we believe to be the best partner to deliver our ambitions.”
Analysts at Shore Capital said: “We believe this acquisition presents a new and exciting opportunity for Team17.”