Foundation9 Secures Further Funding News
Jon Wilcox
01/06/2006
Multi-year funding deal secures Foundation9's plans to the tune of $150 million...
In a joint statement developer Foundation9, formed from the merger of The Collective and Backbone in March 2005, has confirmed a multi-year funding deal with investment firm Francisco Partners of up to $150 million.
The money will be used to continue the develop the videogame producer in terms of growth, IP development and possible future acquisitions.
"Foundation 9's breadth of experience across all platforms and age groups, paired with its innovative and cost-effective approach to launching original properties, place it in a unique position within the videogame industry," said Brian Ruder, a principal with Francisco Partners. "We plan to work actively with management to continue growing this business in scale and
creativity."
Ruder added that, "Francisco frequently makes follow-on investments behind our platform companies. Relative to other businesses we have evaluated in the videogame sector, Foundation 9 enjoys a low volatility, solid growth, and consistent profitability, making it an excellent platform for further consolidation, and continued deployment of capital."
"We've had great success - and it's been a fantastic ride - pursuing, on our own, both a profitable work-for-hire business, as well as layering on new creative opportunities with original IP development," said Jon Goldman, Chairman and Chief Executive Officer of Foundation 9 Entertainment. "Francisco Partners' deep resources will enable us to continue creating stronger opportunities for our employees and publishing partners, as well as our partners in the film/TV and consumer products worlds."
Foundation9's studios are currently working a number of titles including Dirty Harry on Xbox 360 and PlayStation3, and Death Jr. 2. The Collective, one of the studios that form the developer, recently produced the videogame adaptation to Dan Brown's The Da Vinci Code on the current-generation consoles.
We'll have more on Foundation9's future releases shortly...