Gaming
£90m sale of nDreams provides exit for Mercia
nDreams – a leading UK virtual reality (VR) studio that specialises in developing and publishing VR games – has been acquired by Stockholm-based Aonic AB in a £90.3m ($110m) deal.
The transaction provides an exit for nDreams’ investor Mercia Asset Management, which held a 33.2% direct stake in the company. It achieved a total return of £30.2m, consisting of £26.4m in cash and a £3.8m stake in Aonic, and representing a 2.7x return on investment and a 18.4% IRR.
nDreams, which is headquartered in Farnborough, was founded by Patrick O’Luanaigh in 2006. The company has more than doubled the size of its team, from around 100 at the start of 2001 to 250, including 195 developers working across four studios on a range of high- potential projects. These include recent launches Ghostbusters: Rise of the Ghost Lord, in collaboration with Sony Pictures Virtual Reality and Meta, and the Meta Quest chart topper Powerwash Simulator VR.
Aonic is diversified video gaming group with a strong position in the VR and augmented reality (AR) industry and made an initial $35m investment into nDreams in March 2022. This investment helped support nDreams’ acquisition of Near Light Limited, a Brighton-based VR and AR game development studio, organic investment into new game developments as well as its broader growth strategy.
Mercia was one of the first investors to anticipate the growth of VR. Its initial £0.3m investment in nDreams was made in March 2014, prior to Facebook’s acquisition of Oculus VR, which is regarded as a landmark deal in the industry. Mercia initially invested through its managed funds, later using capital from its own balance sheet.
Julian Viggars, CIO of Mercia Asset Management and nDreams’ board member, commented: “When we first invested in nDreams we had a high conviction in the potential of VR gaming, and this realisation is a strong validation of that thesis. We have proactively supported nDreams since 2014 and are pleased that we will continue to benefit from their continuing growth as part of Aonic, through our partial reinvestment. We look forward to nDreams continuing on its exciting VR and AR journey within a larger gaming group and congratulate Patrick O’Luanaigh and his nDreams team on all that they have achieved thus far
Dr Mark Payton, CEO of Mercia Asset Management PLC, said: “This trade sale represents another profitable outcome for Mercia, realising a significant return which is above our current holding value, predominantly in cash. This latest successful exit further adds to our strong debt free cash position, which now stands at circa £60m. We look forward to announcing Mercia’s Interim Results on 28 November 2023.”
Gaming
THE BATTLE OF POLYTOPIA RELEASES NEW AQUARION SPECIAL SKIN IN LATEST UPDATE
Midjiwan, the award-winning independent studio behind The Battle of Polytopia has today released a new Aquarion Special Skin, additional language options and balance updates to the recently reworked Aquarion tribe. Players will dive deep into the Ritiki Marshlands encountering a lost Aquarion outpost with the new skin known as “The Forgotten”.
Long ago, when the Aquarion Empire vanished beneath the waves. One remote outpost in the swampy atolls lost all contact, leading its inhabitants to believe they were the last of their kind. This forgotten tribe evolved in isolation, adapting to the marshy landscapes with squid-like appendages and unique abilities to command the swamp and its creatures.
Using the unique abilities of “The Forgotten”, players can build on water, summon giant squids, create speed enhancing bubbles, ride crocodiles, tame toads, and traverse their marshy terrains with ease.
In addition, the latest update to the game now offers expanded language options: Hindi, Indonesian, Malay, Polish, Thai, Turkish & Vietnamese.
Christian Lövstedt, CEO of The Battle of Polytopia, commented: “I feel that this skin is one of the best we’ve created and has quickly become my personal favourite. Additionally, we have added Bubble Tech to the Aquarion Waterways, making that tribe even greater. With expanded language options and new gameplay mechanics, we’re inviting players to dive into the rich lore and strategy that make the Battle of Polytopia truly special.”
To celebrate the launch of the new update, Midjiwan hosted an exclusive livestream event, offering fans a unique look behind the scenes, live gameplay, and discussions with the development team – the livestream is available to watch now: The Forgotten livestrea m by Midjiwan.
Conferences in Europe
Gamecity Hamburg connects Decision Makers from International Studios with new “Portside Game Assembly” Conference Format
Gamecity Hamburg announces the premiere of the “Portside Game Assembly” (PSGA) for June 27, 2025. The new B2B conference format focuses on networking and the exchange of learnings between leading international indie game studios. Portside Game Assembly enables studio heads and decision-makers to exchange knowledge in a confidential setting in extraordinary locations of Hamburg, around the harbor – and on the water.
“The idea for Portside Game Assembly was born out of conversations with studio heads and managers from Hamburg and around Europe. Anyone navigating an indie studio through the games market benefits greatly from exchanging learnings with other decision-makers facing similar challenges. With a curated guest list and a focus on impulse talks and roundtables, PSGA will offer studio leads contacts and discussions which are highly relevant to their work and current developments in the industry,” explains Margarete Schneider, Project Manager at Gamecity Hamburg.
“The heart of PSGA is the conference, which will be held on a ship sailing through the Hamburg harbor and to which we welcome attendees from all over Europe and beyond. The conference will be complemented by a networking brunch and two evening events, which invite PSGA participants to meet the vibrant and diverse Hamburg games scene,” adds Dennis Schoubye, Head of Gamecity Hamburg.
The conference program for decision-makers at game studios
On June 27, 2025, the first Portside Game Assembly will kick off with a networking brunch.
Afterwards, the studio managers and decision makers will enter the conference ship, which offers three decks for keynote speeches, roundtables and networking, including a cruise through the famous Hamburg harbor.
Studio managers and decision-makers from the following studios are already attending:
- bippinbits (Dome Keeper, PVKK: Planetenverteidigungskanonenkommandant) / Germany
- Ghost Ship Publishing (Deep Rock Galactic) / Denmark
- Indoor Astronaut (Unrailed 1 & 2) / Switzerland
- Landfall Games (Content Warning, Totally Accurate Battle Simulator) / Sweden
- mooneye studios (Lost Ember) / Germany
- Maschinen-Mensch (Curious Expedition 1 & 2, Mother Machine, Codecks) / Germany
- Overhype Studios (Battle Brothers, Menace) / Germany
- Rockfish Games (Everspace 1 & 2) / Germany
- Torpor Games (Suzerain) / Germany
Leads and executives from established indie game studios can register to take part in the Portside Game Assembly via our registration form.
Networking events as part of the Portside Game Assembly
The evening closing event “Games Industry Party” brings conference guests and other members of the games industry together for networking with cool drinks and snacks. Tickets for the Indie Networking Brunch and the Games Industry Party are available separately for non-conference attendees and will go on sale at a later time.
On the evening before, June 26, 2025, there will be an “Opening Mixer” with a panoramic view over Hamburg’s famous St. Pauli district in the Astra Tower, at Bytro Labs office. Portside Game Assembly participants and contacts from the games industry in Hamburg will be invited.
Registration for studios and participants
The conference itself is aimed exclusively at studio managers and decision-makers from internationally successful indie game studios. To enable a curated selection of participants, there will be no direct ticket sales, but studios can register for participation here: registration form.
The conference ticket includes the Opening Mixer event the evening before, access to the Networking Brunch, the main Conference and the Games Industry Party for a total of 189 euros.
Asia
Nazara integrates with ONDC Network to Launch “gCommerce” in India, Unlocking a new era of In-Game Monetization
Nazara Technologies Limited, a leading diversified gaming and sports media platform, and Open Network for Digital Commerce (ONDC) are proud to announce their integration to launch “gCommerce” – an innovative in-game monetization platform that seamlessly integrates e-commerce within games.
The integration aims to address a persistent challenge for Indian game developers: low in-app purchase (IAP) conversion rates and poor yields from advertising. Through gCommerce, Nazara and ONDC Network are reimagining game monetization by leveraging India’s thriving e-commerce landscape and providing developers with new, scalable revenue streams.
This strategic integration will allow game developers to monetize through an affiliate revenue-sharing model, earning a commission on every successful transaction initiated by players through the gCommerce platform.
Creating Value for Developers and Gamers
ONDC Network’s expertise in creating an open, interoperable network for digital commerce will enable Nazara’s gCommerce platform to connect with a wide range of sellers across more than 10 categories, ensuring a rich diversity of product offering for gamers. This integration enhances the user experience by allowing them to make informed purchases while they continue their gaming journey.
“We are excited to announce the upcoming launch of gCommerce by Nazara via integration with the ONDC Network, as it represents a significant step forward in our mission to empower game developers with effective and innovative monetization solutions,” said Nitish Mittersain, CEO of Nazara Technologies. “We are not only creating new revenue opportunities for developers but also enriching the overall experience for our gamers.”
T Koshy, CEO of ONDC, added, “Nazara coming on ONDC Network to launch gCommerce is a testament to the versatility of the Network in supporting various industries and use cases. By bringing e-commerce into the gaming ecosystem, we are paving the way for a seamless blend of entertainment and shopping that adds value for players, developers, and the broader digital commerce network.”
The gCommerce platform is currently in soft launch and will be rolled out to game developers starting Q1, FY26.
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