Saturday, February 27, 2021

Team17 acquires rights and assets for golf video game in £12m deal

Team17, the games entertainment label, creative partner and developer of indie video games, has acquired all rights and assets for Golf With Your Friends (GWYF), for £12 million.

The multiplayer golf video game was created by Australian developer Blacklight Interactive and published by Team17. The game first launched 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 in May 2020 for PC, Nintendo Switch, PlayStation 4, and Xbox.

Since partnering together in 2019, Team17 has helped to more than double the number of GWYF owners to 5.5 million, through increased production values, new platforms, IP cross-over and positioning as a higher value proposition.

The news comes as Team17, which has offices in Wakefield, Nottingham and Manchester, gave a trading update for the year ended 31 December 2020.

Group performance is ahead of the Board’s expectations, with year on year revenue and adjusted EBITDA growth of c34% and c36% respectively.

Debbie Bestwick, Chief Executive Officer of Team17 Group PLC, 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.

“Many of our games are local co-op and online play and we added cross play to some of our titles alongside numerous quality of life and gaming enhancement updates across our back catalogue. We achieved this under the ever changing global restrictions and we should not underestimate the support and passion for the games we create.

“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.

“The Board and management look forward to 2021 and continuing to build on our successful and robust journey since listing in 2018!”

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