Game industry outsourcing firm Virtuos announced that it has closed a Series A stock financing round with Legend capital, the independent VC firm under Legend Holdings, owner of Lenovo group. New Access Capital was the exclusive financial advisor for this transaction.
The firm, which is focused exclusively on providing outsourced services to international clients, confirmed that it is positioning itself to address the growing global outsourcing opportunity within the game industry, which,
according to independent market research firm Screen Digest, “will reach $1.1 billion by the end of 2006 and is set to grow to $2.5 billion by 2010, representing around 40 percent of total game development spend.”
Founded just 18 months ago, Virtuos indicated that it intends to expand the size of its teams as well as continue its efforts to deliver the quality the game industry requires to tackle the challenges of next-generation game development. It views the partnership with Legend Capital as a step towards giving the company new means and methods to become the partner for major game companies.
“While Virtuos has been profitable since inception, we are excited to partner with a group as strong as Legend,” said Gilles Langourieux, CEO, Virtuos. “We plan to use the new funding to triple the size of our teams in the next 2 years. Virtuos will also invest further in training, processes, security and IT to create a level of service never seen before in our industry.”
