RNS Number : 2461T
23 November 2021
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23 November 2021
("tinyBuild" or the "Company")
Acquisition of Versus Evil and Red Cerberus
tinyBuild, a leading video games publisher and developer with
global operations, is pleased to announce the acquisition of
US-based Versus Evil, the video game publisher of critically
acclaimed titles such as The Banner Saga, and its subsidiary Red
Cerberus, its games service provider located in Sao Paolo,
Versus Evil will continue to operate as an independent label
expanding tinyBuild's publishing capacity and contributing to its
IP discovery process in new genres such as RPG and strategy.
Founded in 2013 by Steve Escalante, who will continue to run the
operations, Versus Evil has published 32 titles on all major
platforms, which will bring tinyBuild's portfolio to over 70
titles. Since 2017, Red Cerberus has been providing Versus Evil and
third-party studios with quality assurance, testing and
The initial consideration for acquiring Versus Evil and Red
Cerberus will be $12.5 million in cash. Deferred payments over the
following three calendar years will be settled with newly issued
tinyBuild shares of up to $18.8 million () , subject to
stretching financial targets being met. The total maximum
consideration is up to $31.3 million.
Versus Evil and Red Cerberus together generated $12 million in
revenues and a $0.2 million EBITDA loss in 2020 () , a year of
heavy investment in Red Cerberus. tinyBuild expects that the deal
will be marginally accretive in 2021, and approximately 10%
accretive at EBITDA level in 2022, with greater potential for
return in the following years. In addition, Versus Evil and Red
Cerberus will add over 250 staff () to the Company, bringing the
total number to over 400.
A conference call for analysts, hosted by tinyBuild Alex
Nichiporchik (CEO and co-founder), Tony Assenza (CFO) and Jaz
Salati (Head of M&A and IR), will take place at 8.15am (GMT)
today. Please email tinyBuild@secnewgate.co.uk for details.
Alex Nichiporchik, Chief Executive Officer of tinyBuild,
"As a public company, we have a powerful platform from which we
can deliver on our organic and M&A growth ambitions. We are
delighted to announce the acquisition of Versus Evil, a
highly-regarded global video games publisher, as we continue to
scale up our ambitions. Red Cerberus also gives us the opportunity
to expand our access to talent in South America.
"Our goal is to expand our position as a leading global
developer and publisher, focusing on IP ownership while creating
long-term scalable franchises across multiple media formats. In
addition, we are actively looking at a number of other potential
acquihires and larger scale acquisitions to enhance our strategic
and operational position. We remain excited and confident about
delivering on our strategy for this year and beyond."
tinyBuild, Inc email@example.com
Alex Nichiporchik - Chief Executive Officer
Luke Burtis - Chief Operating Officer and
Antonio Jose Assenza - Chief Financial
Giasone (Jaz) Salati - Head of M&A and
Zeus Capital (Nominated Adviser and Joint
Nick Cowles, Richard Kauffer (Corporate
Finance); Benjamin Robertson (Equity Capital
Markets) +44 (0)20 3829 5000
Berenberg (Joint Broker)
Ben Wright, Mark Whitmore, Alix Mecklenburg-Solodkoff,
Milo Bonser +44 (0)20 3207 7800
SEC Newgate (Financial PR) firstname.lastname@example.org
Robin Tozer, Bob Huxford, Megan Kovach +44 (0)7540 106 366
Founded in 2013, tinyBuild (AIM: TBLD) is a leading premium
AA-rated and indie video games publisher and developer. tinyBuild
strategically secures access to IP and partners with developers to
establish a stable platform on which to build multi-game and
multimedia franchises. tinyBuild has a strong portfolio of over 40
titles, and its upcoming pipeline includes over 20 new titles
currently in development.
Headquartered in Seattle, Washington, USA, the Company has key
operations worldwide, with employees, contractors or partners in
multiple locations across five continents. tinyBuild's geographic
diversity enables it to source high-potential IP, cost-effective
development resources and a loyal customer base through innovative
tinyBuild was admitted to AIM, a market by the London Stock
Exchange in March 2021.
For further information, visit: www.tinybuildinvestors.com .
() The price for deferred shares will be determined on a
30-day VWAP leading up to December 31 for each earn-out period in
2022, 2023 and 2024
() Employees and independent contractors
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(END) Dow Jones Newswires
November 23, 2021 02:00 ET (07:00 GMT)
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