tinyBuild plc (LON:TBLD), a premium video games publisher and developer with global operations, has announced the acquihire of Demagic Games, a development studio with 23 staff[1] currently based in Ukraine and Russia. The Company has been working with Demagic Games for over a year on various projects including Hello Neighbor 2, unannounced titles, and more recently Deadside.
By bringing Demagic Games in-house, the Company expects to reduce dependencies on external studios and increase visibility on the production process, in line with its core strategy. The small acquihire will have no material impact on the Company’s earnings.
Admission and Total Voting Rights
As part of the initial consideration on signing, the Company will issue 621,006 New Common Shares of $0.001 each in the Company at a price of 194.13p per New Common Share. The New Common Shares will be subject to a 12 month lock up period and rank pari passu in all respects with the existing Common Shares of the Company. Application will shortly be made to the London Stock Exchange for the admission of the New Common Shares to trading on AIM which is expected to take place on or around 14 April 2022. Following Admission, the total number of voting rights in the Company will be 203,528,087 and shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Alex Nichiporchik, Chief Executive Officer of tinyBuild, commented:
“We are delighted to announce our first acquihire this year, and to extend to all Demagic staff our support to alleviate the challenges of the ongoing conflict in Ukraine. Demagic has already made a strong contribution to the development of Hello Neighbor 2 and it brings a highly skilled porting team.”
“Our goal is to expand and diversify our position as a global developer and publisher, focusing on IP ownership while creating long-term scalable franchises across multiple media formats. In addition, we are looking at a number of other potential acquihires and larger scale acquisitions to enhance the Company’s strategic and operational position.”
[1] Staff includes both employees and independent contractors
