Dublin-based StoryToys bought by UK team 17 for € 22m
Irish app developer StoryToys was acquired by UK indie game developer Team17 in an initial deal initially worth $ 26.5 million (€ 22.3 million) as the company is betting on continued strong demand for educational applications.
As part of the deal, the UK company will purchase the business and assets of StoryToys through the acquisition of its parent company TouchPress, giving the company a greater presence in the edutainment and expanding market. its existing skills.
Dublin-based StoryToys is an award-winning developer of interactive children’s books and games, working with several major children’s brands such as Lego, Disney, Pixar, Warner Bros and Penguin. Founded in 2011, the company partnered with Amplify Games in 2016 to integrate the portfolios of StoryToys, Amplify Games and Touchpress under the Touch Press brand.
It generates revenue from its apps through subscriptions, in-app purchases, and paid apps. According to StoryToys, its apps are available in up to 28 different languages and have been downloaded more than 100 million times in 120 countries.
Team17 said it would pay an initial amount of $ 26.5 million for the company, with an additional $ 22.5 million payable in cash if certain goals are met.
StoryToys Managing Director Emmet O’Neill will retain his position with the company following the acquisition, as will the rest of the StoryToys team as the company strives for further growth.
“Team17 is the perfect home for StoryToys as we enter this incredible new chapter,” he said. “Our goal is to be the leading provider of edutainment content for young children. Collaborating with Team17 will make this trip faster and more exciting.
The pandemic has fueled an increase in demand for educational apps aimed at preschool audiences, and Team 17 is confident that will continue for years to come. Technavio figures predict that the global educational apps market will grow by more than $ 46 billion between 2020 and 2024.
Debbie Bestwick, Managing Director of Team17, said the culture and shared values of the two companies are perfectly aligned.
“At StoryToys, we are building a very creative and successful team whose ability to entertain and educate children is truly best in class. Their track record is indisputable, but the depth of talent that exists within the company gives us an unparalleled position in an extremely exciting and high-growth edutainment field, ”she said.
“We look forward to working closely with the entire StoryToys team and are excited to be able to not only support their ambitious growth prospects, but also provide a strong and stable platform to accelerate their development. Team17 prides itself on its culture and having ambitious management teams – today’s announcement is an example of how we plan to make this a reality.