Sweden-based Aonic has completed the acquisition of VR game developer and publisher nDreams, for a total enterprise value close to $110 million.

Headquartered in Stockholm, Sweden, Aonic is a group of global gaming companies with diverse specialisms. The group, which includes the likes of Warren Spector’s OtherSide Entertainment, Milky Tea, Exmox and TutoToons, invested an initial $35 million in nDreams in March 2022 and received a minority stake. 

During this cash injection, the nDreams team has more than doubled in size to 250 people. Internally-developed titles such as The Game Awards-nominated Synapse and Ghostbusters: Rise of the Ghost Lord have been released, while investments in third-party publishing have powered the chart-topping launch of PowerWash Simulator VR and the enduring success of Little Cities. nDreams even made its own debut acquisition with VR/AR experts Near Light joining in December 2022.

Aonic has built a decentralised and collaborative structure in which its family of mid-sized studios can thrive. This includes plenty of opportunities for knowledge and resource sharing among specialised teams. Having spent more than a decade at the forefront of VR gaming, nDreams brings expertise in XR technologies and markets for fellow Aonic studios to tap into.

Meanwhile, nDreams will continue its trajectory under familiar leadership, with co-founders Patrick and Tamsin O’Luanaigh (chief executive officer and chief people officer respectively) remaining in their positions alongside the rest of the company’s executive team. Its core focus will remain unchanged, while benefiting from a stable and supportive environment to continue growing. The investment will facilitate nDreams’ future investments in third-party publishing and, potentially, more studio acquisitions.

“We set up nDreams in 2006, pivoted to focus exclusively on VR games in 2013, and we’re proud of everything we’ve achieved as an independent company,” said nDreams CEO Patrick O’Luanaigh. “After 18 months of working together, we’re confident we’ve found the right partner in Aonic. This is the right moment to welcome their support to strengthen our position even further, and seize this critical moment for VR and MR.”

“nDreams has done an unparalleled job bringing some of the biggest VR titles to market, and it was a natural fit for us to welcome them to the Aonic family and provide our studios with the best team when it comes to the VR/MR gaming space,” said Aonic CEO Paul Schempp. “This acquisition is yet another example of Aonic’s commitment to championing mid-sized studios and creating an environment where teams can create fantastic games.”

More exciting projects are being worked on across all of nDreams’ four development studios, with announcements lined up for 2024 and beyond.