TinyBuild Acquires Two Studios – Versus Evil & Red Cerberus

the banner sage publisher versus evil acquired by TinyBuild

Indie publisher and developer TinyBuild have revealed that it made two major acquisitions; US-based publisher Versus Evil and QA studio Red Cerberus in a deal worth $31.3 million.

The Seattle-based company will pay an initial $12.5 million and an additional $18.8 million in earnouts to both studios over three years. 

The buyouts have expanded TinyBuild’s portfolio to include 32 titles, effectively diversifying its game offerings to new genres.

“Back in March, we laid out a very clear strategy: we want ambitious founders to join us and help bring the company to a new level, together. This included several pillars for our M&A strategy, 3 of which are: a complimentary publishing label, an in-house service provider, and strategic expansion into emerging regions such as South America,” said Alex Nichiporchik, CEO and co-founder of TinyBuild. “With Versus Evil and Red Cerberus, we achieve these 3 strategic goals. Steve Escalante is an industry veteran and built this great business, and we’re here to help take it to the next level. Welcome to the orange family!”

Based in Sao Paulo, Brazil, Red Cerberus is Versus Evil’s QA and in-house testing studio. The studio, which was formed in collaboration with another Brazil-based developer Fire Horse Studio, has around 250 staff, all of whom will be joining the TinyBuild team. 

Versus Evil is the publisher of some of the highly acclaimed games in recent years, including The Banner Saga trilogy (Stoic) and Pillars of Eternity (Obsidian Entertainment).

Steve Escalante, founder and General Manager of Versus Evil, commented: “The joining of tinyBuild couldn’t have come at a better time. By infusing capital and investing in more titles, I am very excited about the opportunities that will open up for Versus Evil as a publisher. If you look back at other publishers, the introduction of new partners and injection of capital has catapulted them to the next level. And I’m excited about what this new phase will bring to Versus Evil.”

TinyBuild CEO and co-founder and Alex Nichiporchik have described Versus Evil as a “complimentary” label that will expand the studio’s “reach in terms of genres.” Nichiporchik also said the acquisition is a strategic move by TinyBuild to access Brazil’s incredible development community.

With the entrance of Versus Evil and Red Cerberus, TinyBuild has now completed seven M&A agreements this year.

Since February, the publisher has acquired We’re Five Games, Hungry Couch, Moon Moose, DogHelm, Animal, and Bad Pixel.  After adding Red Cerberus’ staff, TinyBuild will have over 400 people on its payroll, twice its staff since its IPO in March 2021.

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