Darlings sell Codemasters
Balderton Capital, the leading venture capital firm, has acquired the remaining stake held by the founders of Codemasters, the largest independent videogame developer and publisher in Europe.
Balderton, formerly known as Benchmark Capital Europe, first invested in Codemasters in 2005 taking a 40% stake and bought a further 30% in 2006. It has now bought out the remaining interest of the founders, David and Richard Darling and their father Jim.
The Codemasters' acquisition follows Balderton's strategy of taking large stakes in technology and media companies with very superior growth prospects. Other Balderton investments include stakes in Bebo, Betfair, MySQL and Setanta Sports.
Ynon Kreiz, general partner of Balderton Capital and board member of Codemasters, said: "Codemasters is now fully funded and ready for its next stage of growth, with a great pipeline of new products and a world-class management in place. We are grateful for the contribution made by Jim, David and Richard and the key role they played to position the company for the future."
In addition, Goldman Sachs has provided £50m of finance to support the company's future growth plans.
Rod Cousens, CEO of Codemasters, said: "This new investment heralds the next stage for Codemasters as it realises its ambitions to be a global player, readying itself for the digital age. For more than 20 years, Jim, David and Richard built Codemasters to become one of the video game industry’s great British success stories; they brought enjoyment to many and made a valuable contribution to the industry as a whole."
