Team17 announced that it had acquired TouchPress, the parent company of educational games developer and publisher StoryToys, for $26.5 million.
With an initial consideration of $26.5 million, and another $22.5 if the studio hits specific targets in three years, these are some hefty numbers for the UK-based company, which has no experience in the educational games market. The acquisition of the company will allow for its current leadership to continue leading StoryToys.
“I am thrilled to be welcoming StoryToys into the Team17 family and believe our shared culture and values perfectly align. In StoryToys, we are acquiring a highly creative and successful team whose ability to both entertain and educate children is truly best in class,” Bestwick commented. “Their track record is without question, but the depth of talent that exists within the business gives us an unrivaled position within a hugely exciting and high growth edutainment area. We look forward to working closely with the whole StoryToys team and are delighted to be able to not only support their ambitious growth prospects but to provide a strong and stable platform to accelerate their development.”
Established in 2011, StoryToys has created several educational entertainment games that are both branded and original. Their partnerships include The Lego Group, Pixar, Disney Hasbro, Warner Bros., and Nickelodeon.
The Ireland-based studio specializes in creating fun and colorful educational games for kids under the age of eight. The games have been downloaded over 100 million times, making them one of the most popular mobile educational games out there.
Team17 CEO Debbie Bestwick said he’s thrilled to welcome StoryToys into Team17 and believes the new StoryToys team is the best when it comes to entertaining and educating kids.
Team17 has a new goal to become the “global number one children’s edutainment brand for ages eight and under.” They believe this is because of how increased demand for edutainment apps and games due to the COVID-19 pandemic.
The Worms Rumble creator might meet its goals with StoryToys as it continues its growth in 2020 – 2024. Furthermore, the market is forecasted to grow by over $46 billion between the same periods, according to Technavio research.