View Full Version : Ever wonder what happened to Elevation Partners?

3rd Nov 2005, 23:48
Sci and Elevation Partners where the top two companys competing for Eidos last spring. Saw this article about Elevation Partners. I was really hoping Eidos would sell to Elevation Partners..... but anyways....

Private equity firm Elevation links videogame makers
Thu Nov 3, 2005 9:48 AM ET

NEW YORK, Nov 3 (Reuters) - A U.S. private equity firm which counts U2 rock star Bono among its partners said on Thursday it was linking independent video game makers Pandemic Studios LLC and BioWare Corp. to create one of the world's largest independent game development houses.

U.S.-based Elevation Partners, which was formed last year, said its first investment would create a holding company owning controlling stakes in Pandemic Studios and BioWare, which have offices in the United States, Canada and Australia.

Elevation said the combined investment, including future capital needs, would be more than $300 million but did not break this down further.

Pandemic is known for its top-selling action and adventure titles such as "Full Spectrum Warrior" and "Destroy All Humans."

BioWare is the leading independent developer of story- and character-based role-playing games such as "Star Wars: Knights of the Old Republic" and "Jade Empire."

Menlo Park, California-based Elevation was trumped earlier this year in a bid battle for British computer games maker Eidos Plc (EID.L: Quote, Profile, Research), which is behind the "Tomb Raider" and "Hitman" games by the UK's SCI Entertainment Group (SEG.L: Quote, Profile, Research).

Pandemic and BioWare each have two co-founders, and under the deal, all four will become shareholders and senior executives in BioWare/Pandemic Studios.

The deal also gives the combined workforce of more than 450 employees an ownership stake in the new business, which the video games companies said indicated the value of their staff.

"Our mutual goal is to build the industry's best place for talent," said Josh Resnick, president of Pandemic Studios, in a statement.

Greg Zeschuk, joint CEO of BioWare Corp., said the cash injection will take pressure off both companies to rush games to market before their time.

Both will retain their separate brands and creative teams, and continue to operate in their respective cities: BioWare in Edmonton, Canada, and Pandemic in Los Angeles and Brisbane, Australia.

Both studios plan future expansions at these and other locations.

© Reuters 2005. All Rights Reserved.


5th Nov 2005, 00:10
BioWare! BioWare! BioWare! :D CanuckWare! Weeeeee! http://www.catsuitandponytail.com/files/canadaf.gif Wooooooo! :D