Categories
Marketing Featured Southeast Asia

Game development Virtuos acquires art production studio Glass Egg

Vietnam Virtuos, a global game development company, has announced the completion of its acquisition of Glass Egg Digital Media (“Glass Egg”), a 2D and 3D art production studio with 400 employees based in Ho Chi Minh City (HCMC), Vietnam. Following the acquisition, Glass Egg will rebrand itself as “Glass Egg – a Virtuos Studio”. The studio will continue to operate independently, with Phil Tran and Steve Reid staying on to helm the studio as CEO and CFO, respectively.

Together with Glass Egg, Virtuos which already owns HCMC-based Sparx* will employ close to 1,000 game specialists in Vietnam, where another studio will be opened in June 2022. This supports Virtuos’ goal of growing to 1,500 employees locally, and becoming the largest game development company in Vietnam.

Gilles Langourieux, CEO at Virtuos, said, “We’re excited to bring the Glass Egg team on board the Virtuos family. With its strong brand equity, coupled with its sizeable and long-term local operations, Glass Egg demonstrates excellent synergies with Virtuos, and we look forward to harnessing our combined expertise to strengthen our commitment to excellence.”

Virtuos’ acquisition of Glass Egg is set to bolster the company’s offerings in art production and game development. Leveraging Vietnam’s position as a Southeast Asian game development hub, the new studio will not only bring the company closer to its Asian clients, but also give Virtuos access to a deep pool of creative talent.

Phil Tran, CEO at Glass Egg – a Virtuos Studio, shared, “We are honored to be a part of an industry stalwart, Virtuos. This means our staff will have the ability to expand skills and take on a wider array of projects, which will benefit our clients as well. With the support and resources of Virtuos, we are energized to meaningfully contribute to the industry in its next phase of growth.”

Virtuos was advised by Lincoln International, while Sperry, Mitchell & Company assisted in negotiations and served as the exclusive financial advisor to Glass Egg.

Meanwhile, Steve Reid, CFO at Glass Egg – a Virtuos Studio, commented, “Operational integration is our top priority post-acquisition. By using the same project management, communication tools and platforms, we can better facilitate interoperability with other Virtuos studios globally, and ensure we have more production options to offer to our clients than competitors.”

In addition, Glass Egg, a Virtuos Studio, joins the likes of Volmi Games, CounterPunch Studios, Black Shamrock, and Sparx* in Virtuos’ long history of studio acquisitions and integrations over the past decade. In 2021, Baring Private Equity Asia invested $150 million in Virtuos, and the company launched a studio in Lyon, France, to further expand its global network of studios.