nDreams, a prominent developer in the virtual reality gaming industry, has been acquired by Aonic for a total enterprise value of nearly $110 million. This acquisition marks a significant milestone in the VR games industry.
The acquisition integrates nDreams into Aonic’s group of global gaming companies. Aonic, headquartered in Stockholm, Sweden, includes various specialized gaming firms, such as OtherSide Entertainment led by Warren Spector, Milky Tea, Exmox, and TutoTOONS.
nDreams, recognized for developing VR titles like Synapse and Phantom: Covert Ops, experienced significant growth after an initial investment of $35 million from Aonic in March 2022. This growth included expanding its team to 250 people and releasing several successful titles, such as the Game Awards-nominated Synapse.
With this acquisition, nDreams will continue operating under its current leadership, with co-founders Patrick and Tamsin O’Luanaigh remaining as CEO and Chief People Officer, respectively. The company plans to maintain its focus on VR development while benefiting from Aonic’s supportive environment and opportunities for knowledge and resource sharing among its studios.
Aonic aims to become a major player in the global gaming industry, promoting creativity and growth within its group of mid-sized studios. This acquisition is part of their strategy to strengthen their position in the VR and mixed reality games space.