Richart Ruddie Sells Video Game Software Sites to Baltimore-Based Venture Management Company
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Richart Ruddie Sells Video Game Software Sites to Baltimore-Based Venture Management Company

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Richart Ruddie Sells Video Game Software Sites to Baltimore-Based Venture Management Company

Published on July 22, 2024
 at 10:07 EDT
Pinion Newswire

In a private transaction that took place a few weeks ago, Baltimore-based Venture Management a Maryland Company operating out of Baltimore-purchased a series of Video Game software sites from South Florida-based entrepreneur Richart Ruddie who’s been on a roll selling one of the largest online public relations firms last year and a 10 million dollar deal selling off a shopping centre he owned in Washington, State previous year. The deal officially closed earlier this month.

The gaming portal, launched in 2022, was part of Ruddie’s portfolio of software and technology properties that he built up with $100,000 in capital and sold for 5.5x in less than 2 years. The suite of video game portals offered a curated selection of online arcade and retro games, functioning as a “mini-Netflix for gaming” according to Ruddie and was able to add thousands of subscribers in a short period. 

“I’m pleased to have found a great buyer in Venture Management Company who can take this gaming portal to the next level, as I focus on my passion for building out a compliance software that is already gaining traction and has a team of some of the smartest and hardworking people I am glad to divest and use the proceeds from this sale to grow my newest venture further,” said Ruddie. “The site saw strong growth since launching in 2022, and I’m confident it will continue to thrive under new ownership as Venture Management is set up for success.”

The portal featured a library of classic arcade titles and retro console games that users could play directly in their web browsers. A subscription model gave members unlimited access to the full game catalogue.

Venture Management Company plans to expand the portal’s game offerings and enhance the user experience while looking to expand to a unique catalogue of games developed internally in 2025 as part of its growth plan. “We see tremendous potential to grow this into a leading destination for retro gaming enthusiasts, we are glad to take over and have thousands of happy users that we hope to expand our library for,” said Venture Management. Ruddie purchased a boat in Miami last year but has found that he has had no time to use it as he’s been focusing full-time on his tech startup, which is seeing increased demand due to new laws being passed that make his software needed more now than ever.