Codies Secures Financial Investment News
Jon Wilcox
04/04/2005
Venture Capitalists buy into UK publisher to “…accelerate Codemasters' programme of new game development”...
UK publisher Codemasters has today revealed that it has secured a financial package from Venture Capitalists, Benchmark Capital Europe, which is based on a 40% acquisition of the UK publisher. As well as developing titles for the next-gen consoles and PC platforms, the deal will enable Codemasters to proceed with future game development in the online and mobile sectors â“ it should also allow the company to strengthen marketing strategies and acquire third party licenses.
Announcing the deal, David Darling, Codemasters' Chairman & CEO said that, âBenchmark is a great partner for Codemastersâ¦The Benchmark team shares our ambition for quality, innovation and making online a major element of the gaming experience. We are very pleased to welcome Benchmark to this business and the exciting world of video games. Codemasters has grown organically to become the largest privately owned video games publisher in Europe. Benchmark's investment and also importantly the involvement of Benchmark's highly talented team, will now provide the perfect opportunity for Codemasters' next growth phase."
Benchmark Capital Europeâs Ynon Kreiz commented, âCodemasters has consistently demonstrated for over 18 years that it has the skill and capacity to produce very high quality interactive entertainment and successfully operate as an independent player in a very competitive and dynamic landscape. We were attracted to the company by its heritage of great management, creativity, innovation and ambition to push boundaries. Benchmark is proud to have an active role in Codemasters' future success."
Weâll have more news on Codemasters shortly