Aonic acquires VR specialists nDreams for $110 million

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VR specialist developer nDreams has been acquired by Swedish gaming group Aonic for $110 million.

2023 has been a huge year for nDreams, with the studio releasing PSVR 2 shooter Synapse to critical acclaim, cooking up the co-op ghost-hunting game Ghostbusters: Rise of the Ghost Lord, and collaborating with Futurlab on PowerWash Simulator VR.

Aonic, meanwhile, first invested in nDreams in March 2022, injecting $35 million into the company for a minority stake. With the full acquisition, nDreams will now join OtherSide Entertainment, Tiny Roar, BKOM Studios and more. The company is described as more of a collective of like-minded companies, as apposed to an Embracer Group style consolidation of studios and IP.

Patrick O’Luanaigh said, “We set up nDreams in 2006, pivoted to focus exclusively on VR games in 2013, and we’re proud of everything we’ve achieved as an independent company.

“After 18 months of working together, we’re confident we’ve found the right partner in Aonic. This is the right moment to welcome their support to strengthen our position even further, and seize this critical moment for VR and MR.”

Aonic CEO Paul Schempp commented, “nDreams has done an unparalleled job bringing some of the biggest VR titles to market, and it was a natural fit for us to welcome them to the Aonic family and provide our studios with the best team when it comes to the VR/MR gaming space.

“This acquisition is yet another example of Aonic’s commitment to championing mid-sized studios and creating an environment where teams can create fantastic games.”

With Aonic’s acquisition, UK tech investor Mercia Asset Management has been compensated for their own minority stake in nDreams. That came back in 2015 with Mercia investing $2.75 million. They’re being well-compensated with more than a 10 times return and a fresh stake in Aonic.

Source: press release

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