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Finnish developer Remedy Entertainment have announced that they are planning an IPO.
The company, who intend to list on the Nasdaq First North Finland stock exchange, announced their intention in a statement this morning saying the goal is to "execute Remedy’s growth strategy and cover the company’s development and commercialisation expenses."
The developer released Quantum Break on Xbox One and Windows in 2015 but has been looking to grow, with recent editions to their Northlight Storytelling engine allowing for PS4 development, and a big drive in hiring talent.
“We’re developing our business in line with our strategy towards a multi-project model," said CEO Tero Virtala, "which helps us release high-quality games to the global market more often. Our goal is to be one of most renowned game companies in the world.
"2016 was successful for Remedy and the console and computer game markets we represent keep growing strong," Virtala continues. "Our revenue grew 19.4%, being €16.4M. Our operating profit was €3.9M. The excellent financial developments were driven by the release of Quantum Break in spring 2016 and the profits from our game portfolio and projects in development.”
One of the key points for Remedy in this move is retaining ownership of their titles and IPs. Remedy have been making games exclusively for Microsoft’s Xbox platforms for the last decade, including Alan Wake which also came to PC.
"A successful game requires experience and skill to build a sustainable brand as well as comprehensive game development competence and the ability to commercialise games throughout their life cycles," added Remedy’s founder, Markus Mäki. "You also need great business relations and solid funding to support all of this."
