There was some jubilation among shareholders as Team17 Group PLC (LON:TM17) unveiled its acquisition of software developer Yippee Entertainment.
The AIM-listed publisher of the Worms and Overcooked video game series has acquired Yippee for £1.4mln in a combination of cash and shares, a move it says will increase its studio capacity and provide access to a pool of talent in the North West of England.
Yippee’s chief executive Mike Delves and the rest of the company’s staff will remain following completion of the purchase.
Based in the MediaCityUK complex in Manchester, Yippee has provided contract software development services for companies such as Microsoft Inc (NYSE:MSFT), Sony and the BBC.
“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", said Debbie Bestwick, Team17’s chief executive.
The shares were 2.4% higher at 384p in early deals on Thursday.