Team17 is a leading video games label and creative partner for independent (“indie”) developers. The Group supports both owned first party IP and third party IP–through partnering with indie developers globally – in the development and publishing of games across multiple platforms typically for a fixed revenue share. The Group focuses on premium, rather than free to play games, and its portfolio comprises over 90 games, including the iconic and well-established Worms franchise, as well as Overcooked and The Escapists.

Team17 was founded in 1990 and launched its Games Label in 2014. Team17’s areas of expertise are:

Product acquisition: identifying and partnering with highly creative indie developers, leveraging the Group’s highly selective ‘greenlight’ process to identify, screen and appraise potential titles. In 2017, c.1.5 per cent. of games reviewed successfully completed the greenlight process and were signed to the Games Label.

IP & product incubation: a 100+ employee internal creative development studio providing essential resources including additional code, art, audio, design, quality assurance, usability, release management, cross-platform development and support services.

Go-to-market execution: Team17 uses the experience, skill-set and know-how within its separate commercial team to create consumer awareness and discoverability on digital distribution platforms through sales, marketing, events, public relations, social channels and community marketing.

Lifecycle management: maximising long term enhanced revenue of games through dynamic price management, incremental downloadable content, promotional planning and strategic additional platform releases.

88 per cent. of the Group’s revenues are generated from digital sales, which facilitates a high level of control over pricing and game lifecycle management, with minimal additional development costs post launch. Team17 has released over 90 premium games during its history, including the highly successful Worms franchise, which has continued to generate approximately £5 million in annual revenue between 2009 and 2017. Due to the Group’s diverse portfolio of owned and third party IP , coupled with its approach to lifecycle management, a substantial portion of revenue has been generated from Back Catalogue sales (revenue from titles released in previous years accounted for 53 per cent. of 2017 revenue). In addition to this a material proportion of new releases are new titles from existing franchises (follow-on titles from existing franchises with proven audiences) that accounted for 25 per cent. of 2017 revenue.

In the three-year financial period to 31 December 2017, the Group generated a revenue CAGR of 69 per cent. and Adjusted EBITDA CAGR of 80 per cent. The Directors believe that Team17 has a strong product pipeline, with seven releases planned for 2018.