Aonic Acquires nDreams for $110 Million

A lot has happened since March 2022, when Aonic made its initial investment of $35 million in nDreams. 

Little Cities, Synapse, Ghostbusters: Rise of the Ghost Lord and PowerWash Simulator VR have all launched. We’ve grown to 250 people, making us the world’s biggest VR game developer and publisher. And we’ve bagged some amazing awards and accolades along the way.  

It’s no secret that the support of Aonic was invaluable in us achieving many of these things, so we’re delighted to announce the completion of an agreement for Aonic to fully acquire nDreams, for a total enterprise value close to $110 million. 

Our joint successes to date made it an easy decision for us to deepen our partnership with Aonic, a great and supportive bunch of people who respect what we’ve built and share our vision for taking it forward. 

What won’t change is our commitment to VR and MR gaming. In fact, we see this as a critical moment to seize as we strengthen our position in XR even further. We’ll also be continuing our journey under familiar leadership, with co-founders Patrick and Tamsin O’Luanaigh remaining in their positions alongside the rest of the company’s executive team and board. 

So what will change? First up, we’re now part of an amazingly talented family of studios with whom we can collaborate and share knowledge, including Warren Spector’s OtherSide Entertainment, Milky Tea, Bkom Studios, and more talented teams from around the world. 

Beyond that, it’s all about continuing the trajectory we are on in a stable, supportive environment, with the backing to help power calculated investments in third-party publishing titles and, potentially, more studio acquisitions.  

Our first steps in VR were more than a decade ago with the likes of Oculus DK1, Samsung Gear VR, and even Google Cardboard. Both nDreams and the VR games market are unrecognisably different today, and joining Aonic ensures that we can continue to grow along with the current reality and potential for VR, AR and MR. 

“We set up nDreams in 2006, pivoted to focus exclusively on VR games in 2013, and we’re proud of everything we’ve achieved as an independent company,” reflects Patrick O’Luanaigh, CEO of nDreams. “This is the right moment to welcome the support of Aonic to strengthen our position even further, and seize this critical moment for VR and MR. 

“Crucially, after 18 months of working alongside Aonic and benefiting from their investment, we’re confident we’ve found the right partner. This deal wouldn’t have happened otherwise. nDreams and Aonic share a vision and we’re excited to keep pushing the boundaries of VR, with more announcements coming soon!” 

“nDreams has done an unparalleled job bringing some of the biggest VR titles to market, and it was a natural fit for us to welcome them to the Aonic family and provide our studios with the best team when it comes to the VR/MR gaming space,” said Paul Schempp, CEO of Aonic. “This acquisition is yet another example of Aonic’s commitment to championing mid-sized studios and creating an environment where teams can create fantastic games.”