PE-backed Virtuos acquires Glass Egg

Virtuos, which is backed by Baring Private Equity Asia, has acquired Vietnam-based Glass Egg, an art outsourcing studio serving the video game development market. No financial terms were disclosed. Sperry, Mitchell & Company served as financial advisor to Glass Egg on the deal while Morgan Lewis provided legal counsel.

PRESS RELEASE

New York, NY (May 24, 2022) – Glass Egg Digital Media Ltd. (“Glass Egg”) of Ho Chi Minh City, Vietnam, has been acquired by Virtuos Holdings Pte. Ltd. (“Virtuos”) of Singapore. Sperry, Mitchell & Company served as exclusive financial advisor to Glass Egg. Morgan Lewis served as legal representative to Glass Egg.

Glass Egg (www.glassegg.com) is a leading art outsourcing studio serving the video game development market. Founded in 1999, Glass Egg’s extensive art services include concept design and 2D & 3D art production. With a staff of over 400 employees, Glass Egg has established a reputation for excellence in the vehicle art development segment. The studio has contributed to numerous notable AAA games, including Call of Duty: Modern Warfare, Spider-Man, Forza: Horizon 4, Demon Souls, and Need for Speed Heat. Following the acquisition, Glass Egg will rebrand itself as “Glass Egg – a Virtuos Studio”, but will continue to operate independently, with CEO Phil Tran and CFO Steve Reid remaining in their respective roles.

Virtuos (www.virtuosgames.com) is a leading global video game development company, backed by Baring Private Equity Asia (“BPEA”). Founded in 2004, Virtuos has an established track record in game development services and 3D art production for AAA consoles, PC, and mobile titles, enabling its partners to generate additional revenues and achieve greater operational efficiency. Virtuos is headquartered in Singapore, with an employee base of over 2,500 full-time professionals in studios across Asia, Europe, and North America. Virtuos has successfully delivered high-quality content for more than 2,000 projects and its clients, including 18 of the top 20 digital entertainment companies worldwide.

Gilles Langourieux, CEO at Virtuos, commented, “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.”

Phil Tran, Glass Egg’s CEO, stated, “We are honored to be a part of an industry stalwart, Virtuos. This deal 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.”

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $20 to $550 million.