Video gaming group Aonic has acquired VR game developer and publisher nDreams for $110 million. Based in Stockholm, Sweden, Aonic is a consortium of worldwide gaming companies specialising in various areas. The consortium, which encompasses companies such as Warren Spector’s Other Side Entertainment, Milky Tea, Exmox, and TutoTOONS, invested $35 million in nDreams last year and acquired a minority stake.
This infusion of funds marked a successful phase for nDreams, resulting in a team expansion to over 250 individuals. The company also launched internally developed titles like the Game Awards-nominated Synapse and Ghostbusters: Rise of the Ghost Lord. In addition, strategic investments in third-party publishing contributed to the impressive debut of PowerWash Simulator VR and the sustained success of Little Cities.
Patrick O’Luanaigh, CEO of nDreams 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.”
A global presence
Aonic aims to emerge as a global gaming giant, fostering a decentralised and collaborative structure that empowers its network of mid-sized studios. This framework encourages ample opportunities for sharing knowledge and resources among specialised teams. With over a decade at the forefront of VR gaming, nDreams contributes expertise in XR technologies and markets, providing fellow Aonic studios with resources to leverage.
“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,” said Paul Schempp, CEO of Aonic. “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.”
In addition, nDreams will maintain its course with familiar leadership, as co-founders Patrick and Tamsin O’Luanaigh retain their positions as chief executive officer and chief people officer respectively, along with the existing executive team. The company’s primary focus will remain consistent in a stable and supportive environment for ongoing growth.