Foundation 9 gets $150 million in new investment

Foundation 9, the North American independent development group which now encompasses six studios and brands, has announced a new deal which will see the firm receiving $150 million in new investment over the next few years.

The agreement with Francisco Partners, a technology investment firm, will see Foundation 9 receiving new funding designed to be used for "organic growth, IP development and future acquisitions."

One of the largest developers in North America, Foundation 9 is made up of studios including Backbone Entertainment, The Collective, Pipeworks and Digital Eclipse, and the prolific firm showcased no fewer than 15 games at E3 this year.

"Relative to other businesses we have evaluated in the videogame sector, Foundation 9 enjoys a low volatility, solid growth, and consistent profitability, making it an excellent platform for further consolidation, and continued deployment of capital," according to Brian Ruder of Francisco Partners.

Full details of the deal have not been announced, so it's not at present clear just how many years the $150 million investment will be spread over.

Foundation 9 isn't the only conglomerate developer which has been formed in North America recently; earlier this year, former EA boss John Riccitiello's Elevation Partners technology investment firm used its funds to merge Canadian studio Bioware with US studio Pandemic, creating one of the largest independent developers in the world.