Video gaming group Aonic has today completed the acquisition of nDreams (ndreams.com) , the world’s biggest VR game developer and publisher, for a total enterprise value close to $110 million.
Headquartered in Stockholm, Sweden, Aonic is a group of global gaming companies with diverse specialisms. The group, which includes the likes of Warren Spector’s OtherSide Entertainment, Milky Tea, Exmox and TutoTOONS, invested an initial $35 million in nDreams in March 2022 and received a minority stake.
“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,” said Patrick O’Luanaigh, CEO of nDreams. “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.”
Following this investment, the nDreams team has more than doubled in size to 250 people. Internally-developed titles such as The Game Awards-nominated Synapse and Ghostbusters: Rise of the Ghost Lord have been released, while investments in third-party publishing have powered the chart-topping launch of PowerWash Simulator VR and the enduring success of Little Cities. nDreams even made its own debut acquisition with VR/AR experts Near Light joining in December 2022.
“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.”
nDreams co-founders Patrick and Tamsin O’Luanaigh (Chief Executive Officer and Chief People Officer, respectively) will remain in their positions alongside the rest of the company’s executive team following the acquisition. The studio’s core focus will remain unchanged, while benefiting from a stable and supportive environment to continue growing. The investment will facilitate nDreams’ future investments in third-party publishing and, potentially, more studio acquisitions.
More projects are being worked on across all of nDreams’ four development studios, as well as partnering third-party developers, to be announced through 2024 and beyond.
