UK-based video game developer Team17 is acquiring Irish app maker StoryToys for US$49 million.
Under the terms of the deal, Team17 will acquire all business and assets belonging to StoryToys parentco TouchPress.
StoryToys and Team17 plan to share team members and collaborate on new projects, with the goal of growing the preschool app producer’s global reach, according to Team17.
Founded in 2011, StoryToys has released several licensed apps for major kidcos, including LEGO Duplo World, Disney Coloring World and Mother Goose Club. Its titles have been downloaded more than 100 million times, according to StoryToys. And the company has also produced proprietary apps such as StoryToys Hansel and Gretel and The StoryToys Jigsaw Puzzle Collection.
The acquisition comes as Team17 looks to expand into the preschool educational app market, according to a press release, which points to Technavio data predicting that sales in this category will grow by more than US$46 billion by 2024.
While StoryToys will operate as a Team17 subsidiary, it was not confirmed at press time whether TouchPress’s other assets—including Touch Press Games (which publishes educational games for kids ages nine to 14) and Touch Press Media (specializing in educational apps for YA and older audiences)—were included in the transaction.