Nordic development and publishing group Thunderful has acquired German publisher Headup for €11 million ($13.3 million).
The deal will see Thunderful pay an initial €5 million ($6 million) in cash, followed by an additional €6 million ($7.3 million) earn-out in cash and newly issued shares based on performance targets for 2021, 2022, and 2023.
Founded in 2009 and based in Duren, Headup is best known for publishing the Bridge Constructor series of games, which includes spin-offs based on Portal and The Walking Dead. It has also worked on the special edition releases of notable titles like Limbo, The Binding of Issac, Terraria, and Super Meat Boy.
The German company has some development pedigree, too, and is currently working on an unannounced title "based on a world-renowned IP."
Thunderful, which recently laid out plans to go public to raise cash for future acquisitions, explained the Headup deal will help bolster its video game segment and strengthen its existing 2021 pipeline.
"The acquisition of Headup is fully in line with our strategy to grow our Games segment and the Group as a whole," said Thunderful chief exec Brjann Sigurgeirsson. "The acquisition strengthens our international position, broadens our network towards more development studios, and creates synergies within the Group's publishing operations."
Headup will continue to operate independently following the acquisition, which will also see company CEO and founder Dieter Schoeller join Thunderful as head of publishing.