Aonic acquires nDreams

Aonic has acquired Synapse and Ghostbusters: Rise of the Ghost Lord developer nDreams for a total enterprise value close to $110 million, the company announced.

Headquartered in Stockholm, Sweden, Aonic is a group of global gaming companies that includes OtherSide Entertainment, Tiny Roar, BKOM Studios, and more. It invested an initial $35 million in nDreams in March 2022 to receive a minority stake in the company.

“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,” said nDreams CEO Patrick O’Luanaigh in a press release. “After 18 months of working together, we’re confident we’ve found the right partner in Aonic. This is the right moment to welcome their support to strengthen our position even further, and seize this critical moment for VR and MR.”

Aonic CEO Paul Schempp added, “nDreams has done an unparalleled job bringing some of the biggest VR titles to market, and it was a natural fit for us to welcome them to the Aonic family and provide our studios with the best team when it comes to the VR / MR gaming space. 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.”

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[The initial $35 million] injection precipitated an incredibly fruitful period for nDreams, during which the team has more than doubled in size to 250 people. Internally-developed titles such as The Game Awards-nominated Synapse and Ghostbusters: Rise of the Ghost Lord have been released, while investments in third-party publishing have powered the chart-topping launch of PowerWash Simulator VR and the enduring success of Little Cities. nDreams even made its own debut acquisition with virtual reality / augmented reality experts Near Light joining in December 2022.

Aonic is on a rapid path to becoming the next global gaming powerhouse and has built a decentralized and collaborative structure in which its family of mid-sized studios can thrive. This includes plenty of opportunities for knowledge and resource sharing among specialized teams. Having spent more than a decade at the forefront of virtual reality gaming, nDreams brings unrivalled expertise in extended reality technologies and markets for fellow Aonic studios to tap into.

Meanwhile, nDreams will continue its trajectory under familiar leadership, with co-founders Patrick and Tamsin O’Luanaigh (chief executive officer and chief people officer respectively) remaining in their positions alongside the rest of the company’s executive team. Its core focus will remain unchanged, while benefiting from a stable and supportive environment to continue growing. The investment will facilitate nDreams’ future investments in third-party publishing and, potentially, more studio acquisitions.

More exciting projects are being worked on across all of nDreams’ four development studios, not to mention partnering third-party developers, with exciting announcements lined up for 2024 and beyond.