Remedy plans listing on Nasdaq First North – studio growing into a multi-project game brand house
The Finnish console and computer game developer Remedy Entertainment Ltd. is looking into listing the company on the Nasdaq Helsinki administered First North Finland market. Remedy is also considering in tandem an initial public offering (IPO). The listing is estimated to take place during May 2017.
The main purpose of the possible listing and IPO is to execute Remedy's growth strategy and cover the company's development and commercialisation expenses.
”We're developing our business in line with our strategy towards a multi-project model, which helps us release high-quality games to the global market more often. Our goal is to be one of most renowned game companies in the world", says Remedy CEO Tero Virtala.
In the future, Remedy wants to move to a stronger value chain position, allowing a better negotiating position and the possibility to keep ownership of the company-created brands. This supports better financial success and enables building longer lasting game brands with carefully selected partners.
”Remedy is a game company that has mastered the gaming business, creative content production and cutting edge technology. A successful game requires experience and skill to build a sustainable brand as well as comprehensive game development competence and the ability to commercialise games throughout their life cycles. You also need great business relations and solid funding to support all of this", says Remedy founder and chairman of the board Markus Mäki.
”The year 2016 was successful for Remedy and the console and computer game markets we represent keep growing strong. Our revenue grew 19.4%, being €16.4M. Our operating profit was €3.9M. The excellent financial developments were driven by the release of Quantum Break in spring 2016 and the profits from our game portfolio and projects in development", Tero Virtala continues.
Remedy has created unforgettable action-packed experiences for gamers for over 20 years. The company has successfully built tailored game brands such as Max Payne and Alan Wake, developed with and financed by partners like Microsoft and Rockstar Games. Remedy's games have received over 100 industry awards and accolades, including Time Magazine's Game of the Year for Alan Wake.
Currently Remedy is developing in cooperation with the Korean publisher Smilegate a sequel to CrossFire, one of the world's most popular first person shooters. Remedy also has a project in preproduction with the working title P7. The company's strategy includes releasing games to a wider selection of platforms and devices, which is why Remedy is developing its Northlight game technology also for PlayStation 4 consoles.
Remedy Entertainment Ltd. is a globally successful game company founded in 1995 and based in Espoo, Finland. Remedy creates story-driven console and computer games released by renowned partners such as Microsoft, Rockstar Games and Smilegate.
Remedy's games include Death Rally (1996), Max Payne (2001), Max Payne 2: The Fall of Max Payne (2003), Alan Wake (2010), Alan Wake's American Nightmare (2012) and Quantum Break (2016).
