Devolver has acquired System Era in a deal worth up to $40 million.
As reported by Game Developer, an initial $22 million will be paid by Devolver made up of $20 million in cash as soon as the deal closes, and $2 million of shares to be issued and paid a year after closing.
This is in addition to a “$10 million deferred consideration, and up to $8 million potential earn out, both payable in cash and shares.”
European law firm Fieldfisher, which is acting on behalf of Devolver, commented: “The acquisition represents a strategic opportunity for Devolver to extend its reach beyond is core strength of premium indie titles, leveraging System Era’s knowledge of expandable game style development, as well as its live operations technology and existing IP.”
System Era confirmed the acquisition in a blog post, saying: “This partnership, working in-house with Devolver, lets us focus on what we love, the way we love to do it. We don’t shed independence lightly. But with Devolver, we don’t think System Era is losing independence, we think it’s finding a new home among a like-minded confederation of talented people.”
The Seattle-based studio was founded in 2014, and released the sandbox multiplayer game Astroneer on PC in 2016.
Last month, GamesIndustry.biz spoke to Devolver COO Graeme Struthers on internal consolidation and the acquisition of studios such as Dodge Roll, Nerial and Firefly Studios in 2021, and Doinksoft earlier this year.
