Media City software developer acquired in £1.4m deal
A software developer based in Salford’s Media City has been acquired in a deal worth £1.4m.
Yippee Entertainment Limited has been bought by Yorkshire based games developer Team17.
Team17, a developer of independent premium video games announced the acquisition of Yippee Entertainment Limited for a total consideration of £1.4m.
Yippee is a multi-award-winning software developer and digital publisher based and focused on end-to-end production and creation of third-party games alongside its own IP.
Yippee will work on a combination of Team17-owned, original, and Games Label partners’ IP.
The acquisition is part of Team17’s growth strategy which involves increasing studio capacity and providing access to a new talent pool in the North West.
The studio’s team will continue to be run by Yippee’s chief executive Mike Delves, an industry veteran with over 30 years’ experience in senior positions at Hasbro, Acclaim and Ocean Software. He formed Yippee in 2011.
The Acquisition will be satisfied through a combination of £922,407 in cash and the issue of 114,000 consideration shares worth £433,200.
The deal is subject to a lock-in over a three year period from the date of the acquisition.
The business will operate under Team17 as a wholly owned subsidiary.
Debbie Bestwick, chief executiveTeam17 Group PLC, said: “On behalf of the Group, I would like to extend a warm welcome to Mike and his team.
“MediaCityUK is a wonderful location for our second UK studio and the acquisition of Yippee allows us to accelerate our recruitment plans in the North West.”
Founded in 1990, Team17 Group plc is a leading international premium video games label and creative partner for independent developers.
The portfolio comprises over 100 games, including The Escapists, Genesis Alpha One, My Time at Portia, Overcooked, Yoku’s Island Express, Yooka-Laylee, the Worms franchise and many more from developers around the world.