Remedy signs deal with 505 Games with €7.75 million investment

Italian based publisher 505 Games, a Digital Bros subsidary, have completed a deal with AAA game developer, Remedy Entertainment.

The developer, known for the Max Payne franchise and it’s Xbox and PC titles Alan Wake and Quantum Break, will recieve an investment of €7.75 million from the publisher towards funding their newest game, codenamed Project 7.

In a press release on Remedy’s website, the deal involves this contribution for development, marketing and publishing for digital and retail worldwide and a payment of 45 per cent royalities, based on Project 7’s net sales.

Remedy recently annouced the intention to list on the Nasdaq First North Finland stock exchange and also confirmed their Northlight engine will be able to support PS4 development. Project 7 is planned to be released across both Sony’s and Microsoft’s consoles, as well as PC.

"We have a strong vision of what P7 should be, said Remedy CEO, Tero Virtala. "505 Games brings into this partnership experience and competences that help us successfully make this vision become reality together. Remedy is also investing in P7 and is deeply committed to creating an unique gaming experience that will keep the players engaged and playing for a long time to come."

"Our mutual life-stages, ambitions and business objectives are actually very well-aligned," Raffaele Galante, CEO of Digital Bros, commented. "And we are excited to enter into what feels like a very natural partnership. The agreement fits perfectly with our strategy of continuous improvement of the quality and the potential returns of our portfolio.”