Team17 eying acquisitions as revenue doubles year-on-year in H1 2019

Team17 eying acquisitions as revenue doubles year-on-year in H1 2019

British indie games label Team17 is on the hunt for both studios and IP to snap up.

That's according to CEO Debbie Bestwick MBE (pictured), who told that the publisher has a hit list of companies it is interested in buying. The Team17 boss, however, said it isn't in a hurry to acquire just anyone.

"We won't be rushed into anything," she said.

"We will do what we believe is right. It's really easy to spend money. Acquisitions are really easy, but good acquisitions are much harder. I grew up during the era of Infogrames and I saw a lot of bad acquisitions. What's important is the right acquisitions that suit our business.

"We are building the business that we want long term. What is important for us is additional resources. We have a target list, and we're looking at them in terms of studio acquisitions. Where it is quite interesting from that side is that they're not just going to be on work-for-hire projects, but they'll be working on new IP. We are investing in our internal new IP as well."

This news comes as the firm released its financials for the six months ending June 30th, 2019, reporting that it brought in revenue of £30.4m ($37.5m) for the first half of 2019. That's a 97 per cent increase year-on-year, with Team17 saying this is in part due to it having a busy release schedule for the first half of the year.

Gross profit was to the tune of £15.1m ($18.6m), up 119 per cent year-on-year, while adjusted EBITDA - a sound measure of how profitable is - shooting up 145 per cent to £12m ($14.8m).

PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for, VGC, Games London, The Observer/Guardian and Esquire UK.