Sweden's Toadman buys British publisher Sold Out for $20.6m

Date Type Companies involved Size
November 27th, 2019 acquisition $20.6m
Sweden's Toadman buys British publisher Sold Out for $20.6m

Stockholm, Sweden-based games firm Toadman Interactive has acquired British publisher Sold Out for £16m ($20.6m).

The publicly-traded company has paid out £12m ($15.4m) in cash, with another £4m ($5.1m) set to be shelled out in shares. There's another £5.2m ($6.7m) on the table, too, if Sold Out hits an EBIT target of £3.2m ($4.1m) for the 12 months ending January 1st, 2020.

Toadman is best-known as the developer of Soulslike title Immortal: Unchained, which Sold Out was publisher for on console. The company also attracted investment from Multiplay vet Craig Fletcher, who put $328,000 behind the Stockholm developer.

Toadman itself has been on something of a spending spree recently, having bought marketing firm Petrol Advertising, studio Antimatter Games and distribution company GameSessions in 2019 alone.

Sold Out recently brought The Imaginarium's Gina Jackson on-board as development director to help grow its digital business

“I am delighted to welcome Sold Out into the Toadman family. We have a strong history together and we know each other very well, so this feels like a perfect fit for both parties,” Toadman CEO Robin Flodin (pictured) said.

“This deal moves forward Toadman’s strategy of adding distribution and publishing expertise to our group and will help us make the best decisions for all of our games and for our partners, which will drive collective growth. It will also be fantastic to welcome the knowledge and expertise of both Garry and James onto our senior management team.”

Sold Out boss Garry Williams added: “We see this deal as a hugely positive step forwards for Sold Out and our talented and hard-working team. Joining the Toadman family will enable us to grow faster together and will open new doors for Sold Out as a publisher. Together we are stronger and both James and myself are fully committed to the path ahead. So it’s business as usual for the Sold Out team and for our incredible publishing partners, we will continue to go above and beyond with our work on both our digital and physical releases and look set for a blockbuster year in 2020.”

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.