Thunderful Games has acquired Spanish game developer Stage Clear Studios.
Thunderful Games is delighted to announce that it has acquired Madrid-based developer, Stage Clear Studios SL in a deal worth up to 2.5 million euros*.
Brjann Sigurgeirsson, CEO of Thunderful Group commented:
“The acquisition of Stage Clear Studios is fully in line with our strategy to grow our Games segment and the Group as a whole. Stage Clear Studios has established itself as a talented and reliable development studio with a reputation of delivering great products on time and on budget.”
Agostino Simonetta, Thunderful Group’s Chief Strategy and Investment Officer added:
“This deal strengthens our international position, broadens our network towards more development studios and creates synergies within the Group’s publishing operations. We welcome our new co-workers in Madrid, who will work closely with their colleagues in the Nordics, UK and Germany.”
By acquiring Stage Clear Studios S.L., Thunderful adds a team of c. 40 talented game developers – with experience in full-scale development and porting to their family as the group looks to grow and develop their international games business.
Stage Clear Studios S.L. was founded in 2012 and has become a well-established studio that develops games for PC and consoles. Historic collaborations include titles like Jericho, Castlevania: Lords of Shadow, Planet51, FIFA, Dead Space, to name a few.
Daniel Santos Fonseca, Managing Director of Stage Clear Studios S.L also commented:
“In Spain we say that in life there are certain trains that you have to catch – and the opportunity to be part of the Thurderful Group was an unmissable train! When I met the Thunderful management team and heard about their plans, I knew we had to be a part of it. We are proud and excited to start this new adventure with the Thunderful Group.”
//ENDS//
*Thunderful Group pays an upfront fee of 1.0 million EUR on a cash- and debt-free basis. An additional earnout component of a maximum 1.5 million EUR could be paid by 2025 dependent on certain targets being met. The total maximum consideration for the transaction is therefore 2.5 million EUR.
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