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.