Animoca Brands has acquired 100% of indie game developer Blowfish Studios for a total consideration of up to A$35 million, which includes an upfront payment of A$9 million and a conditional payment of A$26 million on meeting targets.
Blowfish is the developer of Siegecraft, a 3D physics-based game, and the publisher of the upcoming Winter Ember, among others.
With extensive experience in developing, porting, and publishing games for PC, Mac, PlayStation, Xbox, Switch, iOS, and Android, as well as expertise in virtual reality (VR), Blowfish will add significant game development capabilities to Animoca Brands.
“Combination of unique capabilities”
Animoca Brands co-founder and chairman Yat Siu said: “Animoca Brands is incredibly thrilled to welcome Blowfish, a team that significantly expands our capacity in the cross-platform games space and that has a strong interest in and understanding of blockchain.
“The combination of unique capabilities in AAA gaming and blockchain is a rare and valuable blend and we are already hard at work on a number of very exciting projects to be announced soon.”
Blowfish Studios
Blowfish Studios is an independent Sydney-based developer and publisher of high-quality multi-platform games, including Qbism, Siegecraft, Morphite, Projection: First Light, and Storm Boy.
It was founded in 2010 by Benjamin Lee, a veteran of the computer software and 3D graphics industry, and Aaron Grove, an award-winning visual effects supervisor.
The Sydney-based developer has a portfolio of 33 games, including both self-developed and published titles, that have been played by over 2.5 million people and it also has a robust pipeline of major upcoming projects to be announced shortly.
“Unique opportunity to grow the game development”
Blowfish co-founder and managing director Benjamin Lee said: “Joining the Animoca Brands family was a unique opportunity to grow the game development and publishing businesses of Blowfish, and to leapfrog to the forefront of blockchain gaming.
“We are incredibly excited about our major upcoming releases developed with Animoca Brands, which will change the perception of blockchain gaming for mid-core and hardcore gamers everywhere.”
Acquisition details
Animoca has acquired 100% of the issued capital of Fugu Raw Pty Ltd, owner of Blowfish Studios for an upfront consideration of A$9 million, consisting of A$4 million in cash and A$5 million in fully paid ordinary shares of Animoca Brands.
For purposes of this acquisition, shares of Animoca Brands are priced at A$1.10 each.
Additionally, on the continued employment at Blowfish of Benjamin Lee and Aaron Grove for two years following the acquisition, the company will pay an additional A1$ million in cash and A$5 million in shares.
The acquisition also includes performance-based earnout payments of up to A$20 million based on the achievement of certain profitability targets in 2022 and 2023.
Tomas Rossel from Sydney-based Spawn Ventures acted as the lead financial advisor to Blowfish on the transaction.