Emona Capital uses Splash Damage games studio to roll up Gamepires in live-service consolidation play
Summary
Splash Damage acquired Gamepires from Jagex, backed by private equity firm Emona Capital.
Scum has sold nearly 6 million units since 2018, exiting Early Access in June 2025.
The deal is Emona Capital's fourth disclosed studio investment, forming a structured roll-up of divested publisher assets.
"Our independence and experience, together with the acquisition of Gamepires, strengthens our ability to scale live-service titles and build new premium multiplayer experiences"
01
Jagex pruned Gamepires to fund a RuneScape-only bet
Jagex acquired Gamepires in 2022 while Scum was still in Early Access.
Jagex rebranded in January 2026 to "Jagex: The RuneScape Company."
CEO Jon Bellamy confirmed "tens of millions of dollars" flowing into RuneScape.
Gamepires became a strategic orphan inside a single-IP parent.
Emona Capital financed the buyout through Splash Damage, its existing portfolio company.
Financial terms were not disclosed.
02
Complementary capabilities anchor the combined group's three-lane plan
Combined entity targets co-development partnerships, Scum franchise scaling, and new IP.
Splash Damage contributes multiplayer and FPS engineering depth.
Gamepires contributes open-world survival architecture and active live-service operations.
Scum was Devolver's fastest-selling release, crossing 1 million sales in its first month.
The deal is framed as a joint venture, not an absorption.
Splash Damage CFO Ben Hopkinson was appointed CEO of the combined entity.
03
Workforce cuts preceded the acquisition by three months
Splash Damage placed its entire staff into consultation ahead of redundancies late 2025.
Acquiring a revenue-generating asset immediately after headcount rationalization fits a classic PE sequence.
The pattern suggests Emona is reshaping Splash Damage's cost base before scaling, not after.
04
Emona Capital's roll-up portfolio now spans four specialized studios
Emona backed the Secret Mode buyout in March 2025 for an undisclosed sum.
Its portfolio includes Amber Studio, Blackbird Interactive, and Relic Entertainment.
Each target shares a profile: specialized studios divested by larger parent companies.
Splash Damage is positioned as Emona's consolidation vehicle for multiplayer and live-service assets.
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