Gaming conglomerate Aonic has bought nDreams, a prominent virtual reality game developer and publisher, for nearly $110 million.
This acquisition signifies Aonic’s strategic move to further consolidate its grip on the burgeoning landscape of VR and mixed reality games. Aonic also owns OtherSide Entertainment and Exmox.
The acquisition follows Aonic’s initial investment of $35 million in nDreams back in March 2022, which resulted in Aonic acquiring a minority stake in the company.
This strategic investment fueled a period of exponential growth for nDreams, marked by an expansion of its workforce, now standing at 250 individuals. nDreams has launched critically acclaimed titles like Synapse and Ghostbusters: Rise of the Ghost Lord.
Additionally, nDreams ventured into third-party publishing, launching PowerWash Simulator VR and Little Cities. The company also made its first foray into acquisitions by welcoming VR/AR experts Near Light into its fold in December 2022.
Aonic’s ethos revolves around fostering a decentralized and collaborative environment among its family of mid-sized studios, promoting knowledge exchange and resource sharing among specialized teams. nDreams, with over a decade of pioneering VR gaming, brings unparalleled expertise in XR technologies, positioning itself as a valuable asset for other Aonic studios to leverage.
Patrick O’Luanaigh, CEO of nDreams, said in a statement, “This is the right moment to welcome their support to strengthen our position even further, and seize this critical moment for VR and MR.”
nDreams will continue to operate under the leadership of its cofounders, Patrick and Tamsin O’Luanaigh, who will retain their roles as CEO and chief people officer, respectively.
Paul Schempp, CEO of Aonic, said in a statement, “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’ previous title included Phantom: Covert Ops. The company is headquartered in Farnborough, United Kingdom.