PCF Group S.A. acquired a 50.01% controlling interest in VR studio Incuvo S.A. on December 13, 2021, by purchasing 7,143,900 shares.
The initial purchase price for the controlling stake was 19,995,776 PLN, executed via the NewConnect market.
Incuvo is eligible for an additional performance-based earn-out payment of up to 11,595,725 PLN, contingent on the net profits and Metacritic score of the title Green Hell VR.
The acquisition includes non-compete clauses and management commitments that bind key Incuvo executives to the company until at least December 31, 2024.
This strategic move is intended to diversify PCF Group’s technical capabilities and establish a formal presence in the virtual reality gaming segment.
PCF Group S.A. has officially expanded its development capabilities through the acquisition of a controlling interest in Incuvo S.A., a Katowice-based studio specializing in virtual reality (VR) game production and porting. On December 13, 2021, PCF Group purchased 7,143,900 shares from the Estonian entity OÜ Blite Fund, representing 50.01% of Incuvo’s share capital and total voting rights. This transaction, executed on the NewConnect market, marks a strategic move to integrate VR expertise into the broader PCF Group portfolio.
The financial terms of the agreement include an initial purchase price of 19,995,776 PLN. Additionally, the seller is eligible for a performance-based earn-out payment capped at 11,595,725 PLN. This supplemental payment is contingent upon the commercial success of the title Green Hell VR, specifically measured by net profits during a defined reference period and the game’s critical reception as reflected by its Metacritic score.
Beyond the share transfer, the agreement establishes long-term operational stability through non-compete clauses and management commitments. PCF Group has assumed rights and obligations from previous agreements with key Incuvo executives, ensuring that the current leadership remains in place and adheres to non-compete restrictions until at least December 31, 2024. This acquisition serves as a primary component of PCF Group’s growth strategy, aimed at diversifying its technical competencies and establishing a foothold in the emerging VR industry segment.
