LONDON, UK: Team17 Group has announced the acquisition of Yippee Entertainment Limited for a total consideration of circa £1.4 million.
The business will operate under Team17 as a wholly owned subsidiary.
Team17 is a global games label, creative partner and developer of independent (indie), premium video games.
Yippee Entertainment is a multi-award-winning software developer and digital publisher based in MediaCityUK 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 supports Team17’s growth strategy by increasing studio capacity and providing access to a new talent pool in the North West.
The studio’s talented and versatile team will continue to be run by Yippee’s Chief Executive Officer, Mike Delves, an industry veteran with over 30 years’ experience in senior positions at Hasbro, Acclaim and Ocean Software prior to forming 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 and subject to a lock-in over a three year period from the date of the acquisition.
Debbie Bestwick, Chief Executive Officer of Team17 Group PLC, 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.”