Toadman Interactive has acquired UK based publisher, Sold Out Sales & Marketing for £16 million, plus an additional consideration of up to GBP 5.2 million, on a cash- and debt-free basis.
Swedish company Toadman says the deal is part of its strategy “to create a business collective with expertise and resources that span all areas of the videogame industry” and sees Sold Out join Toadman’s other studios and businesses, including Petrol Advertising, Antimatter Games and the GameSessions. It employs 180+ people across the USA, Germany, Russia, and the UK.
UK-based Sold Out has worked with companies like Team 17, Rebellion, and Frontier Developments. It most recently reported net revenues and an adjusted EBIT of £33.2 million.
“I am delighted to welcome Sold Out into the Toadman family. We have a strong history together and we know each other very well, so this feels like a perfect fit for both parties,” said Robin Flodin, CEO of Toadman Interactive AB. “This deal moves forward Toadman’s strategy of adding distribution and publishing expertise to our group and will help us make the best decisions for all of our games and for our partners, which will drive collective growth. It will also be fantastic to welcome the knowledge and expertise of both Garry and James onto our senior management team.”
“We see this deal as a hugely positive step forwards for Sold Out and our talented and hard-working team. Joining the Toadman family will enable us to grow faster together and will open new doors for Sold Out as a publisher,” said Garry Williams, CEO of Sold Out. “Together we are stronger and both James and myself are fully committed to the path ahead. So it’s business as usual for the Sold Out team and for our incredible publishing partners, we will continue to go above and beyond with our work on both our digital and physical releases and look set for a blockbuster year in 2020.”