Codemasters has announced it has agreed to purchase racing simulation specialists Slightly Mad Studios for USD $30 million.
This agreement reinforces Codemaster’s position as a world-leading developer and publisher of racing video games, expanding its portfolio to include the award-winning Project CARS, as well as an unannounced Hollywood blockbuster title—rumored to be based on the Fast & Furious series). As part of the agreement, Frank Sagnier will remain CEO of Codemasters Group plc, which now includes Slightly Mad Studios, and Ian Bell will retain his position of Founder and CEO of Slightly Mad Studios.
Together, the two companies share a history of creating AAA racing games. For over thirty years, Codemasters has been a leader in the UK, creating critically acclaimed IPs including DiRT, GRID, and the BAFTA-winning official Formula 1 Series. Slightly Mad studios has been in the business for ten years, is the developer and owner of the Project CARS franchise, which received favorable reviews and earned praise for its stunning aesthetics. Slightly Mad Studios has also developed other high-quality racing simulations, including two Need for Speed titles for Electronic Arts.
“We are delighted to bring such an incredible racing game developer to the Codemasters family, and this unequivocally establishes us as a global powerhouse in the development of racing titles,” said Frank Sagnier, Chief Executive Officer at Codemasters. “We share the same passion and vision, and our new partnership will accelerate our growth. With more streaming services coming to market, and the next generation of games consoles due in 2020, this is the perfect time for Codemasters to take its next step.”
“Our combined racing games portfolio is the envy of the industry, and this new partnership will enable us to learn from each other, share resources and take advantage of emerging platforms and technology,” said Ian Bell, Founder and Chief Executive at Slightly Mad Studios. “My team is excited to be joining Codemasters, and we can’t wait to forge a relationship based on creativity, passion, and the desire to create new racing experiences that excite and delight our communities.”
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