Argonaut acquires Particle Systems

Argonaut has announced that it has completed the acquisition of UK-based developer Particle Systems. The 40-person development studio is currently working on two projects, EXO for the PlayStation 2, to be published by Infogrames, and an unannounced game. The acquisition involves a total maximum consideration of 2.4 million pounds (about $3.4 million) in cash or cash equivalents, plus 3.5 million pounds (about $5.02 million) in Argonaut shares.

"The acquisition of Particle represents further progress of our expansion strategy with an emphasis on quality," said Julian Paul, chairman of Argonaut. "Particle is a very experienced, highly regarded studio with two great games in development and will consolidate Argonaut's position as a dynamic and broad-based market leader in the development of leading-edge high-quality games."

In related news, Argonaut announced that following the success of its Harry Potter game for the PlayStation, the company has signed an agreement with Electronic Arts to publish yet another Harry Potter title. No specific details were released regarding Argonaut's second Harry Potter game. The development of the company's other games, including Malice, SWAT: Global Strike Team, Kung Fu Party, Orchid, and another unnamed Xbox project, is progressing smoothly, according to Argonaut.