Rage Software plc ("Rage"/"the Group")
Rage acquires Bristol developer:
Rage is pleased to announce that it has acquired Wayward Design Ltd ("Wayward"), a Bristol based games developer, for an initial consideration of £2.06 million, to be
satisfied by the issue of 2,888,890 Rage ordinary shares. A further £250,000 will be payable subject to the achievement by Wayward in the three years ended 30 June 2003 of
certain performance criteria. The deferred consideration will be satisfied by the issue of Rage ordinary shares.
Wayward was established in 1997. Its first title, which is currently nearing completion, is a flight simulation game called B17: Flying Fortress ? the Mighty Eighth. Wayward's staff have considerable experience of working in the games development business and have between them achieved a number of hit titles, including the number one hit game, G Police.
Wayward made a profit before taxation of £65,741 in its last audited financial year to 30 June 1998. As at 30 June 1998, Wayward had net assets of £65,741
Following the acquisition, Wayward's development teams will work on future games concepts for PlayStation 2 and other new gaming platforms, complementing the work of Rage's development studios in Liverpool, Birmingham, Newcastle, Warrington and Sheffield.
Paul Finnegan, Chief Executive Officer of Rage, commented:
"Following our acquisition of D.I.D., this deal with Wayward is another excellent example of our strategy to grow the business through the recruitment of talented teams
with a track record of developing hit games. With the imminent launch of new gaming platforms and an ever-increasing range of distribution channels, it is essential to continue
to attract and retain respected developers whose skills and creativity are well suited to working at the cutting-edge of technology."