Direct Investments

nDreams makes continuing significant commercial progress

nDreams

Mercia Asset Management PLC the proactive, regionally focused specialist asset manager, is pleased to announce that its direct portfolio company, nDreams Limited ("nDreams"), is continuing to make significant commercial progress with the signing of a new contract to create virtual reality ("VR") content for a leading global company.

nDreams is now recognised as being at the forefront of global VR game development and publishing. Mercia has supported the business since 2014 and currently holds a 44.6% (fully diluted 37.1%) direct stake in the company.

The new contract is for the VR at home market and follows the announcement of nDreams' latest title, Phantom: Covert Ops, which the company is developing in partnership with Oculus Studios.

The reception for Phantom: Covert Ops, which was on show at this year's E3 Expo in Los Angeles, has been outstanding and resulted in the team winning E3's Game Critics Award for 'Best VR/AR Game', as well as six other award wins including Game Informer's 'Best VR Game'.

Patrick O'Luanaigh, CEO and founder of nDreams, said: "nDreams continues to grow at an exciting pace and this new contract is testament to the hard work of the talented studio team we are continuing to build. Phantom: Covert Ops has had an incredible reception so far and we're looking forward to revealing more on this - and all our upcoming projects - in the coming months."

Julian Viggars, Chief Investment Officer of Mercia Asset Management PLC, said: "Run by an industry leading management team that has worked for many of the biggest gaming companies in the world, nDreams is on an exciting growth trajectory. With new hardware releases, such as the Oculus Quest headset and Valve Index, and the ever-increasing quality of content, interest in the VR market continues to gather momentum. nDreams' focus on building high-quality content alongside technical innovation is increasingly being recognised by the gaming industry and its accelerating commercial progress is thoroughly well deserved."