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Media and entertainment testing, development and publishing

Vespa Capital acquired a minority share in Catalis in 2019

Business Profile

Catalis comprises a Publishing division (Curve Games) and a Testing division (Testronic) focussed on the video games and film & TV sectors.
Testronic is a leading global provider of quality assurance and testing services operating from state of the art facilities in the UK, Poland, USA, and Chile, working with many large international games and entertainment businesses.
Curve Games is a publisher of independent console and PC based games, and Kuju Studios is a developer of video games for third party clients.

Key Strengths

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Vespa Capital originally invested in Catalis in 2014 when the business was publicly listed on the Frankfurt stock exchange. Vespa Capital supported the business setting up new testing facilities in Poland, rationalising non-core business units and the acquisition of Curve in 2016. In August 2019, a public offer was made for the entire share capital of the business. Following the sale Vespa Capital acquired a minority stake in the new acquisition vehicle.

Strong and experienced leadership through industry veteran, Dominic Wheatley, and a well-balanced management team.
Both divisions operate in markets of scale with good growth characteristics; the video games market is one of the largest entertainment markets in the world. Together, the businesses provide an unusual blend of steady growth, and potential for attractive upside in the event of a ‘hit’.
Testronic has a well-established reputation for high quality assurance testing with an enviable list of clients and high customer satisfaction levels.

Curve continues to publish and develop a back catalogue of quality games including Human: Fall Flat, Bomber Crew and The Flame in the Flood. Kuju is a well-known and established name in games development.
Catalis employs around 1,000 people in the UK, US, Poland, Chile and Thailand.

What Catalis says

We were impressed with how quickly Vespa Capital understood the complex challenges and opportunities Catalis faced at the time of their investment. Since then we have worked efficiently together to reshape the group, creating firm foundations for the growth ahead. Throughout, we have valued Vespa Capital’s contribution and perspectives.

Dominic Wheatley, CEO, Catalis