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Aonic acquires UK-based VR game developer nDreams in $110M deal

nDreams founder
Picture credits: nDreams

Swedish video gaming family, Aonic Group, has acquired UK-based publisher and developer of virtual reality games nDreams in a $110 million deal. In 2022, Aonic made its initial investment of $35 million in the company. As a result of this transaction, Mercia Asset Management with a minority stake in nDreams exited the company. 

nDreams’ post-acquisition plans

The company will stay committed to VR and MR gaming and focus on strengthening its position in XR even further. Its co-founders Patrick and Tamsin O’Luanaigh will remain in their positions alongside the rest of the company’s executive team and board. 

Talking about changes, nDreams will be supported by Aonic in future investments, including third-party publishing and potential studio acquisitions. Joining Aonic will help nDreams continue to grow along with the current reality and potential for VR, AR, and MR and create ambitious titles.

VR games for all platforms

nDreams was founded in 2006 by the husband-wife duo – Patrick and Tamsin O’Luanaigh in Farnborough, UK. The studio has been popular in VR game development since 2014. It has released games like Fracked and Far Cry: Dive Into Insanity. Its VR hits include PS VR2 exclusive Synapse, the award-winning Phantom: Covert Ops, Far Cry VR, and Fracked. There’s so much more to come, including bringing the iconic Ghostbusters to VR and multiple next-generation titles.

More recently nDreams has announced two new studios – nDreams Studio Orbital and nDreams Studio Elevation. The former will be focusing on live service games, while the latter is aiming toward AAA games and new IPs. It also has a third-party publishing initiative on the go, which is looking to support, fund, and publish indie VR games.

Its in-house publishing team has decades of combined VR experience with pedigree from leading publishers such as SEGA, Ubisoft, PlayStation, Capcom and Nintendo.

Patrick O’Luanaigh, CEO of nDreams said, “This is the right moment to welcome the support of Aonic to strengthen our position even further, and seize this critical moment for VR and MR. Crucially, after 18 months of working alongside Aonic and benefiting from their investment, we’re confident we’ve found the right partner. This deal wouldn’t have happened otherwise. nDreams and Aonic share a vision and we’re excited to keep pushing the boundaries of VR, with more announcements coming soon!” “

“nDreams has done an unparalleled job bringing some of the biggest VR titles to market, and it was a natural fit for us to welcome them to the Aonic family and provide our studios with the best team when it comes to the VR/MR gaming space,” said Paul Schempp, CEO of Aonic. “This acquisition is yet another example of Aonic’s commitment to championing mid-sized studios and creating an environment where teams can create fantastic games.”

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