Finnish gaming firm Remedy Entertainment — creator of Max Payne franchise — sold 1 million new shares, representing 8.28% of all shares in the company, raising 41.5 million euros to support its updated strategy.
“The Company intends to use the proceeds of the Share Issue to finance the development of future game projects and possible self-financing and self-publishing of the selected future games as well as on the development of internal capabilities,” Remedy said.
By 2025 Remedy aims to create several successful games and at least one major hit game; it would own at least three successful, growing game brands, all with long-term hit potential; capture more value and build capabilities to select the right commercial model for each game, including self-financing, self-publishing and working with strong publishing partners.
In 2020 Remedy’s annual operating profit roughly doubled to 13.2 million euros, while its revenue grew 30% to 41.1 million euros.
Updates on Feb. 19 09:40 am Helsinki time with results and price of the share sale.