A Dundee-based games firm will share the proceeds of a $375 million company sale among its staff.
Hutch Games, which established a studio in the city two years ago, has a policy of making all of its staff shareholders to share in success.
The firm, which operates from the Dundee and Angus College campus in Gardyne Road, has been acquired by Stockholm-based investment company Modern Times Group (MTG).
Every member of the team a shareholder
Shaun Rutland, chief executive and co-founder of Hutch, said he believes the policy of making members of staff company owners had played a major part in its success.
He explained: “When we founded Hutch, we wanted to create a world-class working environment and an empowered team dedicated to growing the racing genre on mobile.
“We made every member of the team a shareholder to recognize the value of their efforts, so this is an important day for all of us.”
“We are excited to join MTG – in them, we have found a home that believes in our values, supports us in our mission and can help take our company and our games to the next level.”
Who are Hutch Games?
Specialising in racing games, Hutch has around 100 staff between its city office, London headquarters in London and a Canadian arm.
Hutch’s games – which have three main titles Rebel Racing, F1 Manager and Top Drives – have been downloaded 300 million times.
You asked, we listened! Tilt Controls are now available in @RebelRacing. Check your app store for the latest update and activate Tilt Controls from the Settings menu. Let us know what you think! pic.twitter.com/oYPiTDoC6f
— Hutch (@HutchGames) March 5, 2020
The nine-year-old company generated revenues of $56.3m in the first nine months of 2020, with a pre-tax profit of $13.3m.
The deal will see MTG pay $275m up front with earn-out payments expected at $100m.
UK Games Fund support
The company was supported in its early days by the Prototype Fund, operated by Dundee-based UK Games Fund which gives grants to support fledgling developers.
Paul Durrant, director at UK Games Fund, said: “Our key aim at the UK Games Fund is to build and bolster the early-stage games development ecosystem with funding and peer to peer support.
“Hutch is a spectacular example of what can be achieved by following a clear vision shared across the business.
“Founder Shaun Rutland has continued to encourage and inform other new games studios and participated in our community events.
“Their director of product, Jonathan Alpine, also joined Hutch after founding another of our early funded companies demonstrating the inter-connections of our community.”