Codemasters, the studio behind Grid, Dirt, and Formula 1 racing games, has taken over Project CARS developer Slightly Mad Studios. Codemasters announced on its website that it is a $ 30 million buyout.
The acquisition of Slightly Mad Studios gives Codemasters ownership of the Project CARS brand and an “unannounced Hollywood blockbuster title.” Codemasters currently has approximately 700 employees worldwide.
“We are delighted to be including such an incredible racing game developer in the Codemasters family, and this makes us unmistakably a global powerhouse in the development of race titles,” said Frank Sagnier, CEO of Codemasters, in a press release. “We share the same passion and vision and our new partnership will accelerate our growth. As more streaming services hit the market in 2020 and the next generation of game consoles hit the market, this is the perfect time for Codemasters to take the next step. “
“Our combined racing game portfolio is the envy of the industry, and this new partnership enables us to learn from each other, share resources, and take advantage of new platforms and technologies,” said Ian Bell, founder and CEO of Slightly Mad Studios. “My team is excited to join Codemasters and we can not wait to build a relationship based on creativity, passion and the desire to create new racing experiences that inspire and excite our community.”
Slightly Mad Studios was founded in 2009. It developed two games in the Need for Speed series for electronic arts before crowdfunding its own project CARS racing game, which it released in 2015. The studio released a sequel in 2017 and is currently working on a third Project CARS title.
