British video game developer Team17 has acquired educational app developer StoryToys for €22.3m upfront, with a further €19m payable on the earnout. .

StoryToys was founded in Dublin in 2011 by brothers Aidan and Kevin Doolan and has developed apps for several children’s brands such as Lego, Disney, Pixar, Warner Bros and Penguin.

The origin company, Ideal Binary, was rebranded as StoryToys after an investment of €750,000 by educational publisher Folens.

In February 2016, Amplify Education Partners in New York, a company connected to Steve Jobs’ widow, Laurene Powell Jobs, ponied up a $1m loan note. At that stage the Doolans stepped down as board directors.

That was the start of a relationship that led to StoryToys being bundled into Amplify Games and ownership by holding company Touch Press Inc.

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Team17 is taking control of StoryToys by acquiring Touch Press Inc.

CEO Emmet O’Neill, who has led StoryToys in New York, commented: "Team17 is the perfect home for StoryToys as we enter into this incredible new chapter. Our goal is to be the number one provider of edutainment content for young children. Collaborating with Team17 will make that a faster and more exciting journey. 

"We believe in creating the best possible digital learning experiences for children. We look forward to the possibilities that are opened up by collaboration with what we believe to be the best partner to deliver our ambitions."

Team17 said that demand for educational entertainment apps, soaring as a result of the Covid-19 pandemic and focused on the pre-school audience, will see significant growth in the immediate future.

Chief executive Debbie Bestwick added: “We are acquiring a highly creative and successful team whose ability to both entertain and educate children is truly best in class.

“Their track record is without question, but the depth of talent that exists within the business gives us an unrivalled position within a hugely exciting and high growth edutainment area.”

Photo: Ideal Binary founders Aidan Doolan (left) and Kevin Doolan (right) pictured in 2011