Aonic acquires VR game developer nDreams in $110M deal

Gaming conglomerate Aonic has acquired UK-based publisher and developer of virtual reality games nDreams in a $110 million deal. The move serves to further Aonic’s VR games market position, adding nDreams to a stable that already plays host to UK-based digital game and animation development studio Milky Tea, and Germany’s Exmox, a gaming-focused performance marketing network.

In late March 2022, Aonic took a minority stake in nDreams with a $35 million investment, one that assisted nDreams’ acquisition of Brighton-based immersive games studio Near Light.

Pivot to VR

Founded in 2006 as a traditional games-focused endeavour, the company pivoted exclusively to VR games in 2013. Today nDreams is comprised of approximately 195 developers working across four studios and is responsible for hit titles including Little Cities, Synapse, Ghostbusters: Rise of the Ghost Lord. In collaboration with Sony Pictures Virtual Reality and Meta, nDreams is the name behind Meta Quest’s chart-topping title Powerwash Simulator VR

Cross-pollination

Stockholm-based Aonic Group is a self-described, “video gaming family consisting of development studios as well as gaming-related technology and service providers”. Its ethos is one of decentralisation, rather than running a top-down organisation viewed as a collection of portfolio companies, Aonic actively promotes creativity and progress through cross-pollination and information sharing.

In addition to Aonic’s own acquisitions, it also holds stakes in industry legend Warren Spector’s OtherSide Entertainment and Quebec-based games developer Bkom Studios.

nDreams CEO and founder Patrick O’Luanaigh shared:

“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.

“This is the right moment to welcome the support of Aonic to strengthen our position even further and seize this critical moment for VR and MR. 

“Crucially, after 18 months of working alongside Aonic and benefiting from their investment, we’re confident we’ve found the right partner. This deal wouldn’t have happened otherwise.”

Lead image via nDreams