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Codemasters Acquires Project Cars Developer
Codemasters, the famed developer behind the licensed Formula 1, GRID, and others, has officially acquired Project CARS developer, Slightly Mad Studios.
Codemasters made the official announcement on Twitter, as the two powerhouses in the racing genre are now under the same umbrella. Codemasters has confirmed in an official blog post that Project CARS will simply be brought under the same banner, and Ian Bell will remain the Founder and CEO of Slightly Mad Studios.
Codemasters has agreed to acquire racing simulation specialists and creators of Project CARS, Slightly Mad Studios!
— Codemasters (@Codemasters) November 28, 2019
Full details ▶ https://t.co/KiUCVpaTlc pic.twitter.com/5ap8tMuPlG
According to GamesIndustry.biz, Codemasters paid $30 million for the Project CARS developer, in both cash and stocks, but financial analyst at Liberum has projected that the acquisition could be valued at around $52.6 million due to Slightly Mad’s EBITDA.
Slightly Mad Studios currently has three projects in the works; a mobile game called Project CARS Go, another title rumoured to be set in the vein of Fast & Furious, and a new Slightly Mad IP.
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