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Team17 in educational apps buy with StoryToys deal

·1-min read
StoryToys has produced apps with many leading children’s brands (StoryToys)
StoryToys has produced apps with many leading children’s brands (StoryToys)

Team17, the UK video games business, has clinched a $48 million (£34.8 million) deal to acquire Ireland’s StoryToys, a maker of educational apps for kids.

Founded in 2011, Dublin-based StoryToys is a developer of apps for children aged 2-7 years which works with leading brands including Disney, Pixar, Hasbro, and Nickelodeon.

Wakefield-based Team17, which floated on the stock market in 2018, is funding the deal from its own cash reserves.

It claims the deal will help cement its position in a fast-growing new market and broaden its reach to a new age group.

The global market for educational apps is forecast to grow by $46 billion between 2020 and 2024, at an annual growth rate of 26% according to Technavio.

Team17, whose top video games titles include Worms and Alien Breed, employs 250 people mainly in Leeds, Nottingham and Manchester.

Emmet O'Neill, chief executive of StoryToys, said: "Our goal is to be the number one provider of edutainment content for young children. Collaborating with Team17 will make that a faster and more exciting journey.”

StoryToys apps have been downloaded over 100 million times across 120 countries

Shares in AIM-listed Team17 rose 25.38p to 755.38p.

755.38GBX+25.38(3.48%)

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