Codemasters buys Project CARS developer Slightly Mad Studios for $30M
Codemasters, the studio behind Grid, Dirt, and Formula 1 racing games, has acquired Project CARS developer Slightly Mad Studios. Codemasters announced the deal, reported to be a $30 million buyout, on its website.
The acquisition of Slightly Mad Studios gives Codemasters ownership of the Project CARS brand, as well as “an unannounced Hollywood blockbuster title.” It also means that Codemasters now employs approximately 700 people globally.
“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 Frank Sagnier, chief executive officer at Codemasters, in a press release. “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.”
“Our combined racing games portfolio is the envy of the industry and this new partnership will enable us to learn from each other, share resources and take advantage of emerging platforms and technology,” said Ian Bell, founder and chief executive at Slightly Mad Studios. “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.”
Slightly Mad Studios was founded in 2009. It developed two games in the Need for Speed series for Electronic Arts before crowdfunding its own original racing game, Project CARS, which it released in 2015. The studio released a sequel in 2017 and is currently working on a third Project CARS title.