Mercia's nDreams signs Google VR app deal

RNS Number : 8324Y

Mercia Technologies PLC

20 May 2016

 

20 May 2016

Mercia Technologies PLC

("Mercia" or "the Company")

Mercia portfolio Company, nDreams, signs Google VR app deal

Mercia Technologies PLC (AIM: MERC) which is focused on the creation, funding and scaling of innovative businesses with high growth potential from the UK regions is pleased to announce that portfolio company nDreams (of which Mercia has a 40% equity stake), has been appointed by Google as one of the first developers alongside EA Games and Ubisoft to make apps and experiences for Daydream, their platform for high performance mobile Virtual Reality ("VR").

nDreams, one of the UK's largest independent developer and publisher solely focused on VR entertainment software, has two original titles in development for Daydream, each built specifically for Google's new high quality mobile VR platform. The Company is delighted to have been selected by Google to develop its first games. Having already had great success with Perfect Beach for Google Cardboard, the contract demonstrates Google's belief in the high quality experience of nDreams software and more broadly the VR sector which has an estimated value of $30 billion by 2020 across all platforms.

In addition to the two unannounced games, the nDreams team is working on The Assembly for PlayStation VR, HTC Vive, and Oculus Rift, and developing Gunner and Perfect Beach for the Samsung Gear.

Dr. Mark Payton, CEO of Mercia said:

"The nDreams appointment by Google is a clear demonstration of Mercia's success in investing and mentoring UK technology businesses. We congratulate the nDreams team and believe that the Company has an exceptionally exciting future ahead, operating at the forefront of the VR content development market.  Mercia's strategy of combining market intelligence and significant sector experience helps us to identify and scale the promising UK technology businesses such as nDreams. The investment in nDreams is led by Investment Director Mike Hayes, who has over 23 years' experience in interactive businesses including CEO for Europe and America of multinational games company SEGA and Marketing Director at Nintendo. This unique approach of investment and deep sector expertise like Mike's helps Mercia build opportunities such as nDreams towards the potential realisation of significant shareholder value."

CEO and founder of nDreams, Patrick O'Luanaigh, commented:

"I'm thrilled that nDreams is one of the first studios to support Daydream. With this new platform's announcement, it's that much easier to envisage a time where everyone always has access to high quality mobile VR entertainment and it's exciting to be collaborating with Google on that ambition."

For further information, please contact:

Mercia Technologies PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer www.merciatechnologies.com	[phone]
Cenkos Securities plc Ivonne Cantu / Mark Connelly (NOMAD)	[phone]
Buchanan Sophie McNulty, Victoria Watkins, Stephanie Watson www.buchanan.uk.com	[phone]

About Mercia Technologies PLC

Mercia is a national investment group focused on the creation, funding and scaling of innovative businesses with high growth potential from the UK regions. Mercia benefits from 14 university partnerships and six offices across the Midlands, the North of England and Scotland, providing it with access to high quality, regional deal flow. Mercia is quoted on AIM with the epic "MERC".

Mercia's "complete capital solution" investment model initially nurtures businesses via its third party funds under management (expanded to circa £220 million following its acquisition of Enterprise Ventures Group) and then over time Mercia can provide further funding to its emerging stars thanks to its ability to deploy direct investment follow-on capital from its own balance sheet.

In a recent report (Source: Beauhurst, The Deal, 2015/16), Mercia was found to be the fifth most active investor in the UK and the fourth most active in technology. Since its IPO in December 2014, the Company has invested over £20 million directly across its portfolio of emerging stars and continues to seek both early stage third party investment opportunities as well as providing its emerging stars with the required capital and management support to build towards exits that will realise incremental value for Mercia shareholders.

About nDreams

nDreams was formed in 2006 by former Codemasters and Eidos Creative Director, Patrick O'Luanaigh (Tomb Raider: Legend, Hitman: Blood Money, Conflict: Desert Storm, Micro Machines V3) with a focus on virtual worlds. Since 2013, the company has exclusively dedicated its talents to developing remarkable virtual reality games and experiences. The studio has already worked on a number of VR titles - including SkyDIEving, Gunner, Perfect Beach and the upcoming The Assembly - and continues to develop multiple unannounced projects. nDreams has completed investment rounds totaling £3.6 million with Mercia Technologies PLC, which focuses on providing investment and support to innovative technology companies.

 

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