More money for Codemasters
Thursday, 14th June 2007 at 10:00 am
Balderton buy and £50m finance 'readies Codemasters for the digital age'
There's been more good news for Codemasters' ambitious growth plans this morning: investment firm Balderton Capital has bought the Darling family's remaining stake in Codemasters while Goldman Sachs has given the firm £50m to finance its future growth plans.
The flurry of investment spending puts the company in further great shape, said CEO Rod Cousens.
“This new investment heralds the next stage for Codemasters as it realises its ambitions to be a global player, readying itself for the digital age," he said.
Balderton's buy follows on from its previous investments in the company - formerly known as Benchmark Capital, it bought a 40 per cent stake in the firm in 2005 and a further 30 per cent in 2006. It knows how to spot a good investment too: other investments include Bebo, Betfair and MySQL.
“Codemasters is now fully funded and ready for its next stage of growth, with a great pipeline of new products and a world-class management in place," commented Ynon Kreiz, general partner of Balderton Capital and board member of Codemasters, making it clear than the legacy begun by the Darlings family when they founded the company in 1986 won't be forgotten:
"We are grateful for the contribution made by Jim, David and Richard and the key role they played to position the company for the future.”
Added Cousens: "For more than 20 years, Jim, David and Richard built Codemasters to become one of the video game industry’s great British success stories; they brought enjoyment to many and made a valuable contribution to the industry as a whole.”
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