Listed game developer Team17 has acquired the rights and assets of a multiplayer golf video game for £12m.
Golf With Your Friends (GWYF) was created by Australian developer Blacklight Interactive and published by Team17.
The game first launched in Early Access on Steam in 2016, Team17 then partnered with Blacklight Interactive in 2019 and was involved in the ongoing development and publishing of the title for its full release on 24 May 2020 for PC, Nintendo Switch, PlayStation 4, and Xbox.
The company said the acquisition would further expand its portfolio and franchise footprint, enabling the group to increase first party IP and ultimately create additional opportunities to extend the lifecycle of the game.
Team17 has also said it expects to report a financial performance for the year ended 31 December 2020 ahead of the board’s expectations, with year-on-year revenue and adjusted EBITDA growth of about 34 per cent and 36 per cent, respectively.
Its portfolio was said have continued to perform well in the second half of 2020, in particular over the peak Christmas trading period. The company launched 12 titles during the year, including new additions to the Worms, Escapists and Overcooked franchises.
Debbie Bestwick, chief executive Team17 Group, said: “2020 is definitely a year we will not forget in a hurry and also provides insights into the challenges we can expect as a workforce in 2021. Whilst the Board and I are very pleased with the financial results we are even more pleased with the resilience and dedication shown by our Teamsters and label partners to deliver, launch and sell the complex games we made in 2020.
“We are also delighted to start 2021 with the announcement that we have acquired GWYF and see great potential in this IP. Over the last two years, GWYF has shown strong consumer demand and mass market appeal, doubling its owner base and achieving success on multiple gaming platforms.
“GWYF is the type of IP we believe is right for ownership, it is successful and proven but still at the start of its journey. The team at Blacklight Interactive can be assured that we will take great care of this amazing IP.”
Team17 is headquartered in Wakefield with a commercial office in Nottingham.
GCA Altium is Team17’s nominated adviser. Berenberg is Team17’s broker.