Swedish Gaming Powerhouse Aonic Acquires UK VR Game Developer nDreams in $110M Deal

Aonic Group, a Swedish video gaming family, has recently acquired the UK-based virtual reality game developer, nDreams, in a substantial $110 million deal. Back in 2022, Aonic had initially invested $35 million in nDreams. This acquisition marks the exit of Mercia Asset Management, which held a minority stake in nDreams.

Post-acquisition, nDreams plans to remain dedicated to virtual reality (VR) and mixed reality (MR) gaming, aiming to strengthen its position in extended reality (XR). Co-founders Patrick and Tamsin O’Luanaigh will continue in their roles, leading the company’s executive team and board.

In terms of changes, Aonic will support nDreams in future investments, including third-party publishing and potential studio acquisitions. This partnership is expected to facilitate nDreams’ growth in the evolving landscape of VR, augmented reality (AR), and mixed reality (MR), allowing the company to create ambitious titles.

Founded in 2006 by the husband-wife duo Patrick and Tamsin O’Luanaigh in Farnborough, UK, nDreams has been a key player in VR game development since 2014. The studio is known for popular titles such as Fracked and Far Cry: Dive Into Insanity, as well as VR hits like Synapse, Phantom: Covert Ops, Far Cry VR, and Fracked. The company has plans to bring iconic franchises like Ghostbusters to VR and release multiple next-generation titles.

nDreams has recently announced two new studios – nDreams Studio Orbital and nDreams Studio Elevation. The former will focus on live service games, while the latter aims to develop AAA games and new intellectual properties (IPs). Additionally, nDreams is engaged in a third-party publishing initiative to support, fund, and publish independent VR games. The in-house publishing team boasts decades of combined VR experience with backgrounds from leading publishers such as SEGA, Ubisoft, PlayStation, Capcom, and Nintendo.

Patrick O’Luanaigh, CEO of nDreams, expressed excitement about the partnership with Aonic, stating that it’s the right moment to welcome their support and strengthen their position in the VR and MR space. Aonic CEO Paul Schempp emphasized the natural fit between the two companies, praising nDreams for bringing some of the biggest VR titles to market. The acquisition reflects Aonic’s commitment to supporting mid-sized studios and fostering an environment for the creation of fantastic games. More announcements from the collaboration are anticipated in the near future.