Square Enix withdrawals from Io-Interactive By Wazi the pa on May 11, 2017 at 3:36 AM

Square Enix Holdings has revealed they will be withdrawing from the business of Io-Interactive, a longtime subsidiary company based in Copenhagen, Denmark who are famously known for their creation and work on the Hitman franchise.

Via the company’s press release, Square Enix wrote:

To maximize player satisfaction as well as market potential going forward, we are focusing our
resources and energies on key franchises and studios. As a result, the Company has regrettably
decided to withdraw from the business of IO INTERACTIVE A/S, a wholly‐owned subsidiary and a
Danish corporation, as of March 31, 2017. This decision has resulted in booking of the
extraordinary loss amounting to 4,898 million yen, including disposition of the content
production account related to the business and impairment loss of intangible assets, in the
financial results for the fiscal year ended March 31, 2017.

As a result of this the Company started discussions with potential new investors and is
currently in negotiations to secure this investment. Whilst there can be no guarantees that the
negotiations will be concluded successfully, they are being explored since this is in the best
interests of our shareholders, the studio and the industry as a whole.

We at Nova Crystallis offer our thoughts and well-wishes to the talented folks at Io-Interactive.