UK studio Team17 has entered into an agreement to acquire educational entertainment app developer StoryToys.

The announcement was made public via a press release from Team17 confirming its intention to purchase the Dublin-based firm for $26.5 million. There is also the possibility of a further $22.5 million being exchanged if certain targets are met by StoryToys within the first three years, following completion of the deal.

Founded in 2011, StoryToys has created numerous educational mobile apps and has partnered with the likes of Disney, Lego, Pixar, Hasbro and Nickelodeon, and more. The company has won several awards and boasts over 100 million app downloads across its library.

"Best in class"

"In StoryToys, we are acquiring a highly creative and successful team whose ability to both entertain and educate children is truly best in class," said Team17 CEO Debbie Bestwick.

"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. We look forward to working closely with the whole StoryToys team and are delighted to be able to not only support their ambitious growth prospects but to provide a strong and stable platform to accelerate their development.

StoryToys CEO Emmet O'Neill added: "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 collaborating with what we believe to be the best partner to deliver our ambitions."

Earlier this year, Team17 snapped up chaotic sports title Golf With Your Friends in a £12 million acquisition.