Virtuos has acquired Glass Egg

Glass Egg

Co-founded in 1999 by Chief Executive Officer Phil Tran and Chief Financial Officer Steve Reid, Glass Egg’s extensive art production services cover 2D and 3D assets and concept design. After gaining industry-wide recognition for its excellence in 3D vehicles, the studio has contributed to notable AAA games. Based in Ho Chi Minh City (HCMC), Vietnam, Glass Egg employs 400 people.

The Deal

Backed by Baring Private Equity Asia (BPEA) since September 2021, Virtuos is pursuing its next phase of accelerated growth through a buy-and-build strategy. Virtuos identified Glass Egg as a potential target and engaged Lincoln International to manage discussions and conduct the process. Working closely with Virtuos and its financial sponsor, Lincoln’s industry expertise ultimately resulted in a successful transaction.

Following the acquisition, Glass Egg will rebrand itself as “Glass Egg – a Virtuos Studio” and continue to operate independently. Together with Glass Egg, Virtuos — which already owns HCMC-based Sparx* — will employ close to 1,000 game specialists in Vietnam, where another studio will be opened in June 2022. This supports Virtuos’ goal of growing to 1,500 employees locally and becoming the largest game development company in Vietnam.

Our Perspective

François Carlot, Managing Director in Lincoln’s Paris office, commented, “We are excited to have advised Virtuos and BPEA on this strategic transaction. The acquisition of Glass Egg is set to bolster Virtuos’ offerings in art production and game development, further leveraging Vietnam’s position as a Southeast Asian game development hub, giving Virtuos access to a deep pool of creative talents. This acquisition also adds to Virtuos’ track record of successful studio acquisitions and integrations in the past decade. We congratulate both companies for this landmark transaction and look forward to the future success of the combined group.”

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