Perfect World Entertainment (PWE), an extension of the Chinese company Perfect World, was sold to Embracer Group for $125 million. According to the deal, Embracer will take over Perfect World Publishing and Cryptic Studios, which has a total of 237 employees. The parent organization, Perfect World, will continue to operate independently.
Sweden-based Embracer Group will pay $60 million in cash and $65 million in Embracer company stock. Acquired studios will become part of Embracer’s Gearbox Software division. Embracer Group, which has come to the fore once again with this acquisition and what it has done this year, has a company value of approximately 10 billion dollars. Chinese Perfect World is valued at $5.9 billion.
Cryptic Studios was founded in 2000 and is known for MMO games, including Neverwinter and Star Trek Online. Also, Cryptic Studios has a team of 136 people. On the other hand, PWE is known for publishing PC and console games of famous series such as Dungeons & Dragons made by Cryptic Studios. PWE was founded in 2008, and its products include games such as Torchlight and Remnant: From the Ashes. The team of the company consists of approximately 101 people.
Randy Pitchford, the Founder of Gearbox Entertainment, said in a statement:
“It’s an honor for us to welcome this talented group of individuals into the Gearbox Entertainment family. Gearbox will invest in the future of Cryptic as an independent, dynamic studio that is passionate about MMOs. That commitment is paired with an exciting new partnership that will emerge as the talented Perfect World publishing team, and their promising lineup of future games will become supported and bolstered by the capability and strength of the Gearbox Publishing team.”
Some Cryptic Studios MMOs, like Neverwinter, have been around for over 25 years. Embracer Group will strengthen its power with a successful developer like Cryptic and a publisher like Perfect World Entertainment. With the inclusion of new developers and publishers in the Embracer Group’s ecosystem, new successful projects will not take long to arrive.
On the subject, Yoon Im, CEO of PWE, made the following statements:
“It has been an amazing journey being a part of Perfect World, and we thank them for all of their support throughout the years. PWE is delighted to become a part of the Embracer family and join Gearbox on their mission to entertain the world. We are eager to apply our vast experience and talents to benefit both shareholders and customers around the world.”
The departure of Perfect World Entertainment from the parent company Perfect World came as a surprise to some. However, based on the statements of the CEO of the company, Yoon Im, it is possible to say that all parties are happy with the agreement.