Nexon invests $96M more in Embark Studios, increases its ownership stake.
Embark Studios AB, a Stockholm, Sweden-based game development studio announced that its investor, Japanese games company Nexon, increased its ownership in the company following a capital investment round.
The deal was made in two tranches, one for $96M, giving Nexon a controlling stake of 66.1% in Embark Studios, which a month later was increased to 72.8 percent. The rest of the shares in the company are to be acquired within 5 years.
Following the transaction, Embark will become a consolidated subsidiary of Nexon Group, strengthening Nexon’s portfolio of games in the Western online market. Embark founder Patrick Söderlund, who joined the Board of Directors after Nexon’s initial investment of $41M into the studio at the end of 2018, will remain on the Board.
Embark Studios was founded in 2018 by CEO Patrick Söderlund with the objective to create new types of interactive entertainment and simulated virtual online worlds enabled by massive leaps in technology. The studio has about 80 employees working for the development of a multiplayer game building on their proven experience creating beloved global franchises.
Embark's team also includes Johan Andersson (CTO), Stefan Strandberg (Chief Creative Officer), Robert Runesson (Chief Content Officer) and Magnus Nordin (CXO / Chief Exploration Officer).