Team17, a global video game company, has reached a deal to buy Irish company StoryToys for an initial consideration of $ 26.5 million.
The two companies said an additional $ 22.5 million is payable in cash on delivery of certain lenses within three years of the deal closing and will be funded from Team17’s existing cash reserves. .
Founded in 2011 and based in Ireland, StoryToys develops educational apps for children ages two to seven.
She has produced apps with many top brands for kids including Lego, Disney, Pixar, Penguin, Sesame Workshop, Dick Bruna, Warner Bros, Hasbro, and Nickelodeon.
Its apps have been downloaded over 100 million times in 120 countries, and its educational entertainment apps are produced in 28 different languages.
Team17 said the agreement establishes a new, highly complementary and fast-growing “edutainment vertical” for the company, strengthening the extended group’s position as a leading gaming entertainment company.
Emmet O’Neill, CEO of StoryToys, said Team17 is the perfect home for StoryToys as the company enters this “incredible new chapter.”
“Our goal is to be the number one provider of edutainment content for young children. Working with Team17 will make this journey faster and more exciting,” said Mr. O’Neill.
“We believe in creating the best possible digital learning experiences for children. We look forward to the possibilities that open up by collaborating with what we believe is the best partner to achieve our ambitions,” he said. added.
“I am delighted to welcome StoryToys to the Team17 family and I think our culture and shared values align perfectly. In StoryToys we acquire a very creative and successful team whose ability to entertain and educate children is truly best in class, ”commented Debbie Bestwick, CEO of Team17.
“Their experience is indisputable, but the depth of talent that exists within the company gives us an unparalleled position in an extremely exciting and high-growth edutainment field,” she added.