Grant Thornton advises Devolver Digital Inc

Devolver Digital Inc. (Devolver) is an award-winning US indie video game publisher. Recently, Devolver has also acquired a number of video game development studios as it seeks to own the intellectual property and retain all the revenue of some games alongside a third-party publishing portfolio.  

Devolver has a catalogue of circa 100 titles and a strong pipeline to publish about 15 titles per year developed by its own studios and third parties.  

The Group raised funds via IPO for existing shareholders to part-sell their equity and provide capital for accelerated growth and provide currency for further M&A.    

Devolver was not previously subject to the same level of financial reporting and governance required for an entity listing on AIM and also needed to convert its historical financial information to IFRS. As such, management wanted to appoint an experienced advisor who can guide it on what was needed at each stage of the IPO process and a listed company’s reporting requirements 

Leveraging our strong sector expertise and reporting accountant experience, we worked closely with Devolver and its advisors to support and prepare them for each stage of the IPO process and for reporting requirements post-IPO. Being the sixth transaction, we have done in the gaming ecosystem in 2021 alone, we had significant and relevant sector knowledge and experience across audit, tax, due diligence and finance office consulting to hit the ground running and identify the key areas that Devolver would need to focus on.  

Devolver also required audits for the last three financial years plus an interim period. Our US member firm, acted as auditor and we worked very closely to enable the audit and reporting accountant workstreams to progress simultaneously.