Perwyn sells 10% block of Sumo Group PLC to Tencent, retains a 17.3% stake
Carl Cavers, founder and CEO of Sumo Group, said: “I would like to thank Perwyn, once again, for their original investment and for their ongoing support of the business. We are now a public company and, following the recent announcement of our new studio in Warrington in the north west of England, now have ten studios in three countries and reported revenue of more than £38m for the year ended 31 December 2018. When Perwyn invested in Sumo Digital in September 2016 we were a private company with annual revenue of around £24m and operated from three studios in two countries. We are delighted that Tencent have chosen to acquire a shareholding in the Company, and we look forward to working with Tencent to explore co-development opportunities.”
Andrew Wynn, Managing Partner at Perwyn said: “We felt this particular trade made sense strategically for ourselves and the company and are excited about the future with Tencent as a shareholder alongside us. Perwyn remains a highly supportive long term shareholder of Sumo. We are under no pressure to sell down given our structure as a privately funded, evergreen investor without traditional fixed time limits.”
Sumo is one of the UK’s largest providers of creative and development services to the video games and entertainment industries. The group delivers full-service visual and development solutions, including initial concepts and pre-production, production, development and post-release support.
Tencent is one of the world’s leading internet companies. Tencent connects hundreds of millions of Internet users every day. It operates communications and social platforms, digital content (including online games, video, literature, music, and media), payment and cloud businesses. Tencent is the world’s largest game developer and publisher by revenue. It has invested in several innovative and successful game developers and publishers globally.