Jagex Acquires US-based Pipeworks Studios in First Ever Studio Investment
CAMBRIDGE, UK - 21st July 2022. Leading global games developer and publisher Jagex has today announced the acquisition of Pipeworks Studios ("Pipeworks"), a highly established and innovative 200-person strong development studio, based in Eugene, Oregon.
Marking its first ever acquisition of an external studio, this transaction reflects Jagex’s commitment to expand its team of world-class talent, as well as grow its footprint in North America.
The acquisition follows a strong period of growth for Jagex. Establishing itself as a leader in community-driven games, Jagex has recorded five years of record games-as-a-service revenues, a series of third-party publishing deals, and its highest ever RuneScape franchise membership. In 2021, global investment firm Carlyle (NASDAQ: CG) acquired Jagex, to support the company’s growth strategy, including M&A.
Founded in 1999, Pipeworks has built a reputation as a global force in gaming and advanced technology solutions for both established and emerging IPs. Pipeworks’ team of more than 200 employees have shipped more than 125 games and become deeply embedded in key franchises for partners including EA Sports, Wizards of the Coast, Activision, Genvid, MetaTeq, and more.
“We are delighted to welcome Pipeworks into the Jagex Family,” said Phil Mansell, CEO of Jagex. “Pipeworks presents an incredible opportunity to bring onboard world-class game development talent. The studio brings elite-level game development expertise, specifically in AAA games-as-a-service, with an exemplary track record of collaborations with the world’s best game creators. Lindsay (CEO of Pipeworks) and his team have been running a successful and profitable group for many years, and we look forward to working together to publish Pipeworks’ developed IP and accelerate its growth."
"This is an opportunity for us to level up once again because we each bring our own distinct experiences to the partnership," said Lindsay Gupton, CEO of Pipeworks Studios. "Jagex's approach of providing a leading platform for developers to create lasting and content-rich community-driven games fully aligns with Pipeworks' work-for-hire model and focus on building innovative games and technology."
Michael Wand, Managing Director and Co-Head of the Carlyle Europe Technology Partners advisory team, said: “In January 2021, Carlyle acquired Jagex to support the next phase of the company’s growth, including maintaining a focus on its core RuneScape franchise while further diversifying the business and its portfolio. The acquisition of Pipeworks is in line with this strategy, and we are delighted to support Jagex with this transaction.”
Terms of this transaction were not disclosed. Aream & Co. acted as Sumo Group’s exclusive financial advisor and Allen & Overy as its legal advisor and Linklaters acted as legal advisor to Jagex.
About Jagex
A leader in creating deep and engaging live games on PC and mobile, Jagex’s flagship MMORPG RuneScape has welcomed almost 300million player accounts to its world and is a $1billion lifetime revenue franchise. Today the RuneScape franchise exists beyond running games in live operations; our titles are living games that connect and inspire millions of players, with content and experiences both inside and outside of inexhaustible game worlds. Both RuneScape and Old School RuneScape offer ever-evolving, highly active worlds on PC and mobile and our community-focused development ethos empowers players to have a real say in how each game is shaped. Now we’re expanding and extending our portfolio with fresh franchise titles and new IP to bring life to the living games of the future. Jagex employs more than 450 people and is headquartered in Cambridge, UK. Career information can be found at www.jagex.com/careers
About Pipeworks Studios
Pipeworks is an innovative, well-established, and respected US video games developer based in Eugene, Oregon. It provides full development, co-development, and live operations to premier video game publishers and other partners. Pipeworks believes in creating innovative and unique games that harness the creative spark of their teams and embrace the power of players and community.
