Animoca Brands acquires indie game developer Blowfish Studios

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By Imelda Cotton - 
Animoca Brands game developer Blowfish Studios

Blowfish Studios has developed numerous games including Siegecraft, Morphite, Projection: First Light, and Storm Boy.


Blockchain gaming company Animoca Brands will part with nearly $35 million to purchase 100% of Australian indie game developer Blowfish Studios in a move that will add significant publishing and digital asset expertise to its portfolio.

Blowfish Studios is an independent developer and publisher of multi-platform games including Siegecraft, Morphite, Projection: First Light, and Storm Boy.

The company was founded in 2010 by veteran software and 3D graphics identity Benjamin Lee and visual effects supervisor Aaron Grove.

Its suite of more than 33 titles have been played by over 2.5 million people worldwide, on platforms including Microsoft, Apple, PlayStation, Xbox and Nintendo.

Acquisition terms

Under the terms of the acquisition, Animoca Brands will make an up-front $9 million payment to Blowfish consisting of $4 million in cash and $5 million in Animoca Brands shares.

Provided Mr Lee and Mr Grove remain with Blowfish for two years following the acquisition, Animoca Brands will shell out another $1 million in cash and $5 million in shares.

Payments of up to an additional $20 million will also be made based on the achievement of certain profitability targets over the next two years.

Blowfish’ management team will work closely with Animoca Brands to align efforts relating to blockchain integration, fungible tokens, non-fungible tokens (NFTs), play-to-earn capabilities, synergy opportunities and product launches.

Mutual benefits

Animoca Brands chairman Yat Siu said the acquisition deal holds benefits for both companies.

“Blowfish will significantly expand our capacity in the cross-platform games space and [it] has a strong interest in and understanding of blockchain,” he said.

“The combination of unique capabilities in AAA gaming and blockchain is a rare and valuable blend and we are already hard at work [with Blowfish] on a number of very exciting projects.”

Unique opportunity

Mr Lee said the acquisition was a “unique opportunity” to build on Blowfish’s portfolio and capabilities.

“Joining the Animoca Brands family will give us a unique opportunity to grow the game development and publishing businesses of Blowfish, and to leapfrog to the forefront of blockchain gaming,” he said.

“We are excited about [our] upcoming releases developed with Animoca Brands, which [we hope] will change the perception of blockchain gaming for midcore and hardcore gamers.”