Thunderful Group snaps up indie firm Coatsink

Date Type Companies involved Size
October 6th, 2020 acquisition Coatsink Software
Thunderful Group snaps up indie firm Coatsink

Nordic games firm Thunderful has said it is buying UK indie developer and publisher Coatsink Software.

The company is being bought for £23m ($29.9m) upfront, with £11.5m ($14.9m) being shelled out in cash and shares. If the firm hits its performance milestones, the Coatsink acquisition could be worth £65.5m ($85.1m) in total thanks to earn-outs.

Coatsink was founded in 2009 and has worked on a variety of titles, including VR projects Shadow Point – for the Oculus Quest – and Augmented Empire for Oculus Go.

”We have established a good relationship with the founders and key personnel of Coatsink and believe that their strong work ethics and corporate culture will be a very valuable strong complement to Thunderful’s existing businesses," Thunderful boss Brjann Sigurgeirsson (pictured) said.

"Although it’s just a first step, this is a good example of how we intend to leverage the Group’s powerful cash flow going forward."

Thunderful Group was founded back in 2019 after a restructuring of companies Bergsala and Thunderful. The firm bought indie publisher Rising Star Games in July of that year.

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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.