Sheffield-based video gaming firm Sumo Group plc said on Monday it acquired PixelAnt Games of Wroclaw to create “an immediate presence for the group and an established base for growth in Poland’s booming video games development industry.”
Sumo said: “The video games industry is growing rapidly in Poland.
“PixelAnt, which was founded in July 2020, is well known to the Sumo Digital management with its team of 13 developers currently working entirely on Sumo Digital projects.
“Following the acquisition, PixelAnt will sit alongside Sumo Digital’s other nine studios and continue to operate under the strong leadership of current studio directors Pawel Rohleder and Adam Lason.
“With the support of the Sumo brand, the strategy is to expand the studio’s headcount rapidly, accessing the growing pool of high-quality developers in the Polish market and focus on winning third party contracts, while continuing to work on Sumo Digital projects.
“The PixelAnt team will also work on Own-IP opportunities.
“The group has paid an initial cash consideration of £250,000 for PixelAnt.
“A further amount may be payable, in Sumo Group shares, depending on the EBITDA achieved in the two years to 31 March 2023.
“The acquisition of PixelAnt takes Sumo Digital’s studio count to ten and the group’s total to 13, across five countries.”
Sumo Group’s shares have soared almost 90% over the past 12 months to give it a stock market value of more than £600 million.
Sumo Digital, the group’s primary business, is one of the UK’s largest independent developers of AAA-rated video games, with studios in Sheffield, Newcastle, Nottingham, Leamington Spa, Warrington and Pune, India.
Sumo CEO Carl Cavers said: “Increasing headcount is a key pillar of our growth strategy and accessing new pools of high-quality talent is vital to the successful execution of that strategy.
“I’m really pleased that Adam and Pawel can see the benefits of joining the Sumo family.
“Poland has been on our radar for some time and the acquisition of PixelAnt, who we know so well, is a great way for us to gain entry to this exciting market.
“On behalf of everyone at Sumo, I welcome the PixelAnt team to the Group and look forward to building a substantial presence in this thriving new territory.”