Codemasters acquires Project CARS developer Slightly Mad

Codemasters has agreed to acquire London-based Project CARS developer Slightly Mad Studios for $30 million, it’s announced.

The F1 and Dirt publisher said on Thursday that it believed the acquisition would cement its position as “a world-leading games developer and publisher of racing videogames.”

As part of the deal, Codemasters has obtained the rights to Project CARS as well as what it describes as “an unannounced Hollywood blockbuster title.”

Ian Bell will retain his position of Founder and CEO of Slightly Mad Studios.

Slightly Mad is an established creator of racing games and has worked on two Need for Speed titles (Shift 1 and 2) as well as the critically successful Project CARS games.

“We are delighted to bring such an incredible racing game developer to the Codemasters family, and this unequivocally establishes us as a global powerhouse in the development of racing titles,” said Frank Sagnier, CEO at Codemasters, in a prepared statement.

“We share the same passion and vision and our new partnership will accelerate our growth. With more streaming services coming to market and the next generation of games consoles due in 2020, this is the perfect time for Codemasters to take its next step.”

Slightly Mad founder Ian Bell added: “Our combined racing games portfolio is the envy of the industry and this new partnership will enable us to learn from each other, share resources and take advantage of emerging platforms and technology.

“My team is excited to be joining Codemasters and we can’t wait to forge a relationship based on creativity, passion and the desire to create new racing experiences that excite and delight our communities.”