Zeus acted as Financial Adviser to Sumo Group in its acquisition of Pipeworks Studios

Zeus acted as Lead Financial Adviser to Sumo Group Plc (“Sumo”, or the “Group”) in connection with its $99.5 million conditional acquisition of Pipeworks Studios (“Pipeworks”), a US-based company focussed on video game development.

Company information

Founded in 1999, Pipeworks is an innovative, well-established, and respected US video games developer based in Eugene, Oregon. It provides full development, co-development, and live operations services to premier video game publishers and other partners. Since foundation, Pipeworks has shipped close to 100 games and advanced technology solutions to nearly 50 clients and partners.

Pipeworks is also a leader in the application of emerging technology and game science to adjacent complementary markets, including the US public sector, distance learning, remote healthcare, and AI-driven simulation.

Sumo Group Plc (AIM:SUMO) is an AIM listed provider of award-winning creative and development services to the video games and entertainment industries. Zeus Capital also acts as Sumo’s Nominated Adviser and Joint-Broker.

Zeus team

Members of the Zeus team included Richard Darlington, Benjamin Robertson, Nick Cowles, Edward Stevenson and Matt Hogg.

Zeus is a leading adviser to small and mid-cap private and public companies. Since 2013, Zeus has acted on over 160 transactions valued in excess of £9.8 billion.

Carl Cavers

Chief Executive Officer of Sumo Group plc

The acquisition of Pipeworks is Sumo Group’s largest transaction since listing on AIM in December 2017 and represents a leap in the Group’s growth trajectory. I want to thank the team at Zeus, who diligently advised Sumo Group and helped ensure that we overcame the complexities of this cross-border deal. I look forward to working with the Pipeworks team to integrate the two businesses and demonstrate the benefits of the acquisition to shareholders.

Richard Darlington

Corporate Finance Director at Zeus

We are delighted to have advised Sumo on this significant acquisition which further strengthens its position as one of the world’s premier independent video games developers. Zeus has supported Sumo on multiple transactions since its IPO in 2017 reflecting our ability to seamlessly provide integrated advice across a dedicated team of advisory and capital markets professionals. We wish Sumo and Pipeworks every success and look forward to working with them in the future.


If you would like further information, please get in touch with our team.

Nick Cowles Co-CEO+44 (0) 161 393 1977LinkedIn Scan with your phone camera to add to contacts Download vCard
Benjamin Robertson Head of Equity Capital Markets+44 (0) 203 829 5625LinkedIn Scan with your phone camera to add to contacts Download vCard

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