505 Games parent company buys Assetto Corsa studio

Digital Bros, the Italian owner of 505 Games, has purchased the developer behind sim racing game Assetto Corsa, Kunos Simulazioni, for 3.7m.

2.36m of that figure is cash; half that amount is being paid now, with the rest coming in one year’s time. Meanwhile, the additional 1.37m is being paid through Digital Bros issuing 150,000 ordinary shares at a price of 9.12 each.

In additional to the above financial information, the deal reveals that the racing game has sold 1.4m units to date globally.

While, Kunos Simulazioni released the title on Steam itself in 2014, it partnered up with Digital Bros-owned publisher 505 Games to launch the game on PlayStation 4 and Xbox One in 2016.

These two transactions clearly highlight the long-term strategy that the Group intends to pursue, that is, to remain present, competitive and professionally prepared in the video game sector, which is constantly evolving,” Digital Bros MD Raffaele Galante said.

In fact, on one hand, we believe that the Stock Option Plan constitutes a key long-term motivation tool by means of which the Group intends to retain its human capital. On the other hand, the acquisition of Kunos strengthens the IP portfolio held by the Group and we are certain that, thanks to the undoubtedly, talented professional members of staff that make up Kunos’ team, we will achieve great things.”

Digital Bros seems to be consolidating its relationship with development partners it has worked with in recent years. In 2015, it acquired a stake in the developer behind Payday and Brothers: A Tale of Two Sons, Starbreeze, as well as the Brothers IP.

Meanwhile last year it invested in Italian indie studio, Ovosonico.