Team17 buys Dublin’s StoryToys for €22.4m

Dublin’s StoryToys is a multi-award-winning publisher of educational apps for children.

UK ‘indie’ games developer Team17 has forged a deal to acquire Irish app developer StoryToys for an initial $26.5m (€22.4m).

A further maximum $22.5m payable in cash on delivery of certain targets by the vendors within three years following completion of the acquisition and will be funded from Team17’s existing cash reserves.  

“Our goal is to be the number one provider of edutainment content for young children”

The acquisition will broaden Team17’s existing skillset and customer reach.

Designed in Dublin

Animated digital character from StoryToys.

Founded in 2011, StoryToys is a multi-award-winning, leading player in edutainment apps for children under the age of eight and has produced apps with many leading children’s brands, including The LEGO Group, Disney, Pixar, Penguin, Sesame Workshop, Dick Bruna, Warner Bros, Hasbro, and Nickelodeon.

With over 100m app downloads, StoryToys has been the recipient of numerous awards for the quality of its products, including Kidscreen Award Winner 2021, Licensing International Excellence Awards Winner 2020, KAPi Awards Winner 2020, numerous Children’s Technology Review Editor’s Choice Awards, and multiple Bologna Ragazzi Digital Awards.

“Team17 is the perfect home for StoryToys as we enter into this incredible new chapter,” said Emmet O’Neill, CEO of StoryToys. “Our goal is to be the number one provider of edutainment content for young children. Collaborating with Team17 will make that a faster and more exciting journey.

“We believe in creating the best possible digital learning experiences for children. We look forward to the possibilities that are opened up by collaborating with what we believe to be the best partner to deliver our ambitions.”

Team17 Group plc is a global provider of games entertainment to a broad audience. It has two main verticals – a games entertainment label and creative partner for indie developers, and a leading developer of educational apps, targeting children under the age of eight.

“I am thrilled to be welcoming StoryToys into the Team17 family and believe our shared culture and values perfectly align,” said Debbie Bestwick, CEO of Team17. “In StoryToys, we are acquiring a highly creative and successful team whose ability to both entertain and educate children is truly best in class. 

“Their track record is without question but the depth of talent that exists within the business gives us an unrivalled position within a hugely exciting and high growth edutainment area.

“We look forward to working closely with the whole StoryToys team and are delighted to be able to not only support their ambitious growth prospects but to provide a strong and stable platform to accelerate their development. Team17 prides itself on its culture and on embracing ambitious management teams – today’s announcement is an example of how we intend to make that a reality,” Bestwick added.

By John Kennedy (john.kennedy3@boi.com)

Published: 2 July 2021