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Red Mile Entertainment Acquires IR Gurus

by Rainier on Aug. 27, 2007 @ 3:36 a.m. PDT

Red Mile Entertainment announced that it has entered into a definitive agreement to purchase the remaining outstanding shares of Melbourne, Australia-based development studio IR Gurus, making it a wholly owned subsidiary of Red Mile.

Founded in 1996, and with approximately 100 employees, IR Gurus is currently developing the latest iteration in Red Mile's highly acclaimed "Heroes" flight combat franchise, "Heroes Over Europe," for next-generation video game platforms. The studio created the first title in the franchise, "Heroes of the Pacific," which was published on the PlayStation®2 computer entertainment system, Xbox® video game console from Microsoft, and the PC. The "Heroes of the Pacific" video game has been a commercial success since its launch in 2005.

"With the expected acquisition of IR Gurus, we will own our first globally recognized original IP franchise and acquire a very talented video game development studio," said Chester Aldridge, Chairman and CEO of Red Mile. "The synergies of this combination are significant, as we expect to secure high-quality and scarce development resources for our franchise titles and improve cost control by bringing development in-house."

"We have enjoyed a strong relationship with Red Mile for several years," said Mike Fegan, CEO of IR Gurus. "Red Mile was an early believer in our studio and our 'Heroes of the Pacific' title. We are extremely happy to join an emerging publisher like Red Mile and assist them as they build a portfolio of world-class franchises." It is expected that industry veteran Mike Fegan will remain as CEO of the studio and will oversee Red Mile's international publishing operations.

As one of the largest and best-known game development studios in Australia, IR Gurus has produced several titles, including the AFL series of Australian Rules Football games, and the recently released Heatseeker air combat title.

"IR Gurus is a studio full of talented, technically proficient and creative people -- qualities that are essential for top-tier development," said Glenn Wong, President and COO of Red Mile. "With an impressive track record for developing multiple titles across several platforms, we expect that IR Gurus will bring us a powerhouse team to develop our franchise titles."

The transaction is subject to customary closing conditions and is expected to close prior to the end of this year. Financial terms of the transaction were not disclosed.

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