Indie giant Devolver Digital goes public at $950 mil

Last updated:

Devolver Digital, the ‘big indie’ publisher of games like Hotline Miami and Katana Zero, has gone public and the London Stock Exchange values it at $950 million (£696.4 million). It’s a development that would make Nina Struthers, the fictional ‘chief synergy officer’ from Devolver’s wacky mock conferences proud.

By going public, the company said in a statement that it would be able to continue investing into games it’s working on now, consider new partnerships and “add more of the fine people we love working with into our cadre of consummate video game professionals.” Employees of Devolver Digital are still the majority owners, it said, as everyone working there owns a stake in it and its future.

In addition to offering public stock, Devolver also announced the acquisition of three studios: Dodge Roll (Enter the Gungeon), FireFly Studios (Stronghold) and Nerial (Reigns, Card Shark). These studios are the latest in a series of additions that include Croteam, the creators of Serious Sam and The Talos Principle that joined the Devolver family last October.

“Those developers and our team looked ahead and saw that we’d be working together forever so we lovingly acquired them, mostly so they would hang out with us more,” said Devolver. “The games and experiences that these four studios have planned are incredible and each maintain their full creative autonomy afforded to them throughout our relationship.”

Devolver Digital public

Devolver Digital is now the largest ever US-based company (in terms of market cap) to be admitted into the London Stock Exchange, and the second largest company on the exchange’s Alternate Investment Market (AIM). GamesIndustry.Biz reports it has also received a “significant strategy investment from a key industry player,” and that Sony has invested a 5% stake.

Founded in 2009 by Mike Wilson and his partners from notorious publishing collective Gathering of Developers, Devolver Digital has grown to become what is arguably the most successful publisher of indie games for console and PC. Games like Enter the Gungeon, the Shadow Warrior series, and Fall Guys number among their biggest successes with 2012’s Hotline Miami being their breakout hit.

The company is well known for its irreverent marketing style. They’ve created fictional executives, sold weird collectibles, staged parody conferences during E3 and even punched up at NFTs. As sub-billion dollar company, you can be sure that in addition to their promises of expanded publishing and development, there’ll be more lavish weirdness.