SCi Entertainment Group Limited

Moby ID: 32899

AKA +
  • Eidos Limited (from 2007-05-18 to 2008-12-02)
  • Eidos Public Limited Company (from 1990-07-12 to 2007-05-18)
  • Gilnet Public Limited Company (from 1990-05-14 to 1990-07-12)

Overview edit · view history

Originally a specialist in video compression technology, Eidos Public Limited Company purchased Domark Group Limited, Simis Ltd., and The Big Red Software Company Ltd. to create Eidos Interactive Limited, a publisher and distributor of video games. This was followed by the acquisition of 8-bit publishing powerhouse U.S. Gold, which brought the development studio Core Design with it.

After the successes of the late 90s, the beginning of the 21st Century brought troubles for Eidos, as a string of financial setbacks hammered the company's reputation at the London stock exchange. By 2004 the company's once-soaring shareprice was brought down low, leaving the door open for a potential acquisition, and rumours spread of competitors being given tours of Eidos' Wimbledon offices.

In early 2005 US venture capital group Elevation Partners, lead by former Electronic Arts president John Riccitiello and famously backed by U2 lead singer Bono, tabled an offer for the Eidos group. Shortly thereafter, the small but financially strong UK publisher SCi Games tabled a counter offer, culminating in a final package totalling $75m in cash and shares - and proposals to reduce Eidos' running costs by £14m ($26m). Elevation Partners, backed by the existing Eidos board, stood firm with an offer of $71m. The Eidos shareholders opted for SCi's deal and in April 2005 Elevation withdrew, leaving the way clear for SCi's bid.

The SCi acquisition and restructuring resulted in the immediate replacement of the Eidos board and many of the company's senior managers. Only Eidos' British figurehead, Ian Livingstone (granted an OBE by the Queen in 2006), remained. SCi succeeded in vastly reducing costs, partly by de-listing Eidos from the stock exchange, thereby eliminating the significant costs associated with being a listed company.

In 2009, the whole Eidos group was bought by Square Enix Co. Ltd.. The function of this entity since then is unknown.

(Information was contributed by Caspar Field, Sciere and Dawgbb)

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