Codemasters acquires game developer Slightly Mad Studios

Codemasters announced today it has acquired racing simulation developer Slightly Mad Studios (SMS), known for its work on Project CARS and two Need for Speed titles for EA.

As seen on Games Industry, all 150 SMS employees are included in the US$30 million deal ($25 million in cash and $5 million in stock).

According to the press release, Codemasters CEO Frank Sagnier as well as Slightly Mad Studios Founder and CEO Ian Bell will keep their current positions.

“We are delighted to bring such an incredible racing game developer to the Codemasters family, and this unequivocally establishes us as a global powerhouse in the development of racing titles,” said Sagnier. “We share the same passion and vision and our new partnership will accelerate our growth. With more streaming services coming to market and the next generation of games consoles due in 2020, this is the perfect time for Codemasters to take its next step.”

“My team is excited to be joining Codemasters and we can’t wait to forge a relationship based on creativity, passion and the desire to create new racing experiences that excite and delight our communities,” Bell said.

With the addition of SMS, Codemasters now has about 700 employees worldwide.

Slightly Mad Studios is currently working on three projects: a Project CARS Go mobile game, a game based on a new SMS intellectual property, and a game based on a Hollywood movie franchise.

Also, the 10-year-old game developer will be paid $5 million in stock by Codemasters once the game based on the Hollywood film franchise is launched.

The 33-year-old British developer and publisher Codemasters is known for its work on DiRT, GRID, and the official FORMULA 1 Series.

[Sources]: Codemasters: CODEMASTERS® ACQUIRES SLIGHTLY MAD STUDIOS. Slightly Mad Studios: CODEMASTERS® ACQUIRES SLIGHTLY MAD STUDIOS. Games Industry: Codemasters buys Slightly Mad Studios for $30m.