Software developer acquired in £1.4m deal

Wakefield-headquartered global games developer Team17 has acquired Yippee Entertainment for about £1.4m.

Yippee is a multi-award-winning software developer and digital publisher based in MediaCityUK, Salford. Yippee will work on a combination of Team17-owned, original, and Games Label partners’ IP.

This acquisition is intended to support listed Team17’s growth strategy by increasing its 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 officer, Mike Delves, who has over 30 years’ experience in senior positions at Hasbro, Acclaim and Ocean Software prior to forming Yippee in 2011.

The deal will be satisfied through a combination of £922,407 in cash and the issue of 114,000 consideration shares worth £433,200 and subject to a lock-in over a three-year period from the date of the acquisition.

 Yippee Entertainment will operate under Team17 as a wholly owned subsidiary.

Debbie Bestwick, chief executive officer of Team17 Group, said: “On behalf of the Group, I’d 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.”