Sumo Group

Last updated

Sumo Group Limited
Company type Subsidiary
FoundedDecember 2017;6 years ago (2017-12)
Headquarters
Sheffield
,
England
Key people
Carl Cavers (CEO)
Number of employees
1,400 [1]  (2023)
Parent Tencent (2022–present)
Subsidiaries
Website www.sumogroupltd.com

Sumo Group Limited is a British video game holding company based in Sheffield. It was formed in December 2017 as the parent company for Sumo Digital and Atomhawk, followed by its initial public offering on the London Stock Exchange later that month. Another of Sumo Group's subsidiaries is Secret Mode, a publisher established in March 2021. After purchasing a minority stake in Sumo Group in November 2019, Tencent wholly acquired the company in January 2022.

Contents

History

Carl Cavers, Paul Porter, Darren Mills and James North-Hearn, four former members of the defunct Infogrames Studios, established the developer Sumo Digital in 2003. [2] It was bought by Foundation 9 Entertainment in March 2008 before Cavers, Porter, Mills and Chris Stockwell completed a management buyout of the studio in November 2014. [3] [4] Ian Livingstone served as chairman from 2015 to 2022. [5] In December 2017, Sumo Group was formed in December 2017 as the parent company for Sumo Digital and its Atomhawk subsidiary. Sumo Group had its initial public offering on the London Stock Exchange's (LSE) AIM market later that month. [6] [7]

In November 2019, the Chinese conglomerate Tencent acquired 15 million shares of Sumo Group, representing a 10% stake. [8] Sumo Group acquired Pipeworks Studios in October 2020 and opened a publishing label, Secret Mode, in March 2021. [9] [10] In July that year, Tencent and Sumo Group agreed that Tencent would, through its subsidiary Sixjoy Hong Kong Limited, wholly acquire the company for £5.13 per share (143.3% of the shares' previous closing price of £3.58), totalling £919 million. At the time, Tencent was Sumo Group's second-largest shareholder at 8.75%. [11] [12]

In September 2021, Sumo Group acquired Auroch Digital, a Bristol-based developer, £6 million. [13] Tencent's acquisition was approved by the Committee on Foreign Investment in the United States in December 2021, followed by the High Court of Justice on 13 January 2022. Sumo Group was consequently delisted from the LSE on 17 January and became a subsidiary of Tencent through the latter's Sixjoy Hong Kong Limited holding subsidiary. [14] On July 21, 2022, Sumo Group sold Pipeworks Studios to RuneScape developer Jagex for an undisclosed sum. [15] In September 2023, it was announced Sumo Group had acquired the Leamington Spa-based game development studio, Midoki. [16]

On June 11, 2024, the company announced it would be laying off up to 15% of its workforce and shutting down Timbre Games. [17] [18]

Subsidiaries

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References

  1. ↑ https://www.sumogroupltd.com/%5B%5D
  2. ↑ "Interview: Paul Porter, Sumo Digital". MCV/Develop . 4 September 2017. Archived from the original on 19 July 2021. Retrieved 19 July 2021.
  3. ↑ Boyes, Emma (17 August 2007). "Foundation 9 wrestles with Sumo Digital". GameSpot . Archived from the original on 6 February 2018. Retrieved 28 April 2021.
  4. ↑ Rose, Mike (11 November 2014). "Sumo Digital has separated from its parent company". Gamasutra . Archived from the original on 14 February 2017. Retrieved 28 April 2021.
  5. ↑ Handrahan, Matthew (22 September 2015). "Ian Livingstone CBE joins Sumo Digital". GamesIndustry.biz. Retrieved 28 November 2023.
  6. ↑ Dunkley, Daniel (8 October 2017). "Games designers line up £150m float". The Times . Archived from the original on 14 April 2021. Retrieved 28 April 2021.
  7. ↑ Bounds, Andy (6 December 2017). "Games developer Sumo to seek listing on UK's Aim market". Financial Times .
  8. ↑ Batchelor, James (15 November 2019). "Tencent buying 10% of Sumo Group". GamesIndustry.biz . Archived from the original on 15 November 2019. Retrieved 28 April 2021.
  9. ↑ Handrahan, Matthew (30 September 2020). "Sumo Group acquires Pipeworks for $100m". GamesIndustry.biz . Archived from the original on 31 March 2021. Retrieved 28 April 2021.
  10. ↑ Kerr, Chris (11 March 2021). "Sumo Group launches Secret Mode to publish in-house and indie projects". Gamasutra . Archived from the original on 14 April 2021. Retrieved 28 April 2021.
  11. ↑ Kerr, Chris (19 July 2021). "Tencent agrees to buy UK game company Sumo Group for $1.27 billion". Gamasutra . Archived from the original on 19 July 2021. Retrieved 19 July 2021.
  12. ↑ Takahashi, Dean (19 July 2021). "Tencent has agreed to buy video game maker Sumo Group for $1.27B". VentureBeat . Archived from the original on 19 July 2021. Retrieved 19 July 2021.
  13. ↑ Partis, Danielle (14 September 2021). "Sumo acquires Auroch Digital". GamesIndustry.biz . Archived from the original on 14 September 2021. Retrieved 15 September 2021.
  14. ↑ Batchelor, James (17 January 2022). "UK High Court approves Tencent's Sumo acquisition". GamesIndustry.biz . Archived from the original on 17 January 2022. Retrieved 17 January 2022.
  15. ↑ "Jagex acquires Pipeworks Studio to grow in North America". VentureBeat. 21 July 2022. Retrieved 21 July 2022.
  16. ↑ Writer, Sophie McEvoy Staff (5 September 2023). "Sumo acquires mobile developer Midoki". GamesIndustry.biz. Retrieved 5 September 2023.
  17. ↑ "Sumo Group to reduce staff by up to 15%". GamesIndustry.biz . 11 June 2024. Retrieved 11 June 2024.
  18. ↑ Chalk, Andy (11 June 2024). "One day after trumpeting its big Summer Game Fest reveals, Sumo Group is laying off 15% of its workers and closing Timbre Games". PC Gamer. Retrieved 12 June 2024.
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