Embracer Group to Sell Arc Games and Cryptic Studios
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News/Embracer Group to Sell Arc Games and Cryptic Studios
Embracer Group to Sell Arc Games and Cryptic Studios
Embracer Group has shed two more teams from its extensive catalogue of studios, announcing the sale of Arc Games and Cryptic Studios to a newly formed company called Project Golden Arc. The buyer is led by members of Arc’s existing management and backed financially by Hong Kong–based publisher XD Inc. The transaction is valued at $30 million according to Embracer.
Arc Games brings with it a roster of established live-service titles, including Star Trek Online, Neverwinter, the Remnant series, Torchlight, and the upcoming Hyper Light Breaker. Cryptic Studios best known for developing Neverwinter and Star Trek Online joins its longtime publishing partner under the new ownership structure.
Despite the sale, Embracer will continue to hold the publishing rights to the Remnant franchise, developed by Gunfire Games, as well as rights to the MMO Fellowship, which is currently in Early Access and built by Stockholm-based Chief Rebel. Embracer confirmed that the Fellowship rights will move under the Coffee Stain umbrella, the label it plans to spin out later this year.
Embracer CEO Phil Rogers framed the divestment as part of the company’s ongoing effort to narrow its focus:
"This transaction supports our key priorities by strengthening our focus on strategic assets and core IPs in Embracer while improving profitability and free cash flow," Rogers said. "The deal also allows online multiplayer game Fellowship, developed by a talented external team in Stockholm, to find a great home within Coffee Stain Group. I would like to thank the teams at Arc and Cryptic for their hard work over the past four years and wish them all the best as we are confident they will thrive and develop in the years ahead.”
More:SideQuest to Close Some Venues
Embracer Group to Sell Arc Games and Cryptic Studios
Embracer Group has shed two more teams from its extensive catalogue of studios, announcing the sale of Arc Games and Cryptic Studios to a newly formed company called Project Golden Arc. The buyer is led by members of Arc’s existing management and backed financially by Hong Kong–based publisher XD Inc. The transaction is valued at $30 million according to Embracer.
Arc Games brings with it a roster of established live-service titles, including Star Trek Online, Neverwinter, the Remnant series, Torchlight, and the upcoming Hyper Light Breaker. Cryptic Studios best known for developing Neverwinter and Star Trek Online joins its longtime publishing partner under the new ownership structure.
Despite the sale, Embracer will continue to hold the publishing rights to the Remnant franchise, developed by Gunfire Games, as well as rights to the MMO Fellowship, which is currently in Early Access and built by Stockholm-based Chief Rebel. Embracer confirmed that the Fellowship rights will move under the Coffee Stain umbrella, the label it plans to spin out later this year.
Embracer CEO Phil Rogers framed the divestment as part of the company’s ongoing effort to narrow its focus:
"This transaction supports our key priorities by strengthening our focus on strategic assets and core IPs in Embracer while improving profitability and free cash flow," Rogers said. "The deal also allows online multiplayer game Fellowship, developed by a talented external team in Stockholm, to find a great home within Coffee Stain Group. I would like to thank the teams at Arc and Cryptic for their hard work over the past four years and wish them all the best as we are confident they will thrive and develop in the years ahead.”
More:SideQuest to Close Some Venues
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