Devolver Digital

Devolver Digital
Information
Type	Public company
Industry	Video game publishing
Founded	June 25, 2009
Founder	Harry Miller, Rick Stults, Mike Wilson, Nigel Lowrie, Graeme Struthers
Headquarters	Austin, Texas, United States
Notable Personnel	Harry Miller (CEO and co-founder)
Products	Hotline Miami, Serious Sam series, GORN, Enter the Gungeon
Website	https://www.devolverdigital.com

Devolver Digital is an American video game publisher based in Austin, Texas, that specializes in publishing games from independent studios. It was founded on June 25, 2009 by Harry Miller, Rick Stults, Mike Wilson, Nigel Lowrie, and Graeme Struthers, several of whom had previously worked at the publishers Gathering of Developers and Gamecock Media Group. The company is known for titles such as Hotline Miami, Enter the Gungeon, and the Serious Sam series, and for its self-parodying digital press conferences run as an alternative to traditional E3 showcases.

Within Virtual Reality, Devolver Digital is the publisher behind several notable VR games. It published the physics-based gladiator combat game GORN, developed by South African studio Free Lives, along with the 2025 sequel GORN 2. It also published VR titles from the Croatian developer Croteam, including Serious Sam VR: The Last Hope and The Talos Principle VR, and acquired Croteam outright in October 2020.

History

The five founders had been involved with Gathering of Developers and Gamecock Media Group, publishers that released games on terms favorable to developers but were each acquired and folded into larger companies. To avoid that outcome, the founders structured Devolver Digital around digital distribution rather than the high costs of retail releases. The company's first releases were high-definition remakes of Croteam's Serious Sam games in 2009 and 2010, and it gained wider recognition with the 2012 release of Hotline Miami by Dennaton Games.

In August 2020, Devolver Digital published the multiplayer party game Fall Guys, developed by Mediatonic. After Epic Games acquired Mediatonic in March 2021, Devolver's publishing rights to the title passed to Epic. Later in 2021 the company became publicly traded.

Public listing

On November 4, 2021, Devolver Digital was admitted to the Alternative Investment Market (AIM) of the London Stock Exchange under the ticker symbol DEVO, at a valuation of about 950 million US dollars. The float raised roughly 261 million US dollars, and at the time it was the largest US-based company by market capitalisation ever admitted to the London Stock Exchange. As part of the listing, Sony Interactive Entertainment took a 5 percent stake in the company, and the Chinese company NetEase retained an investment.

In February 2024, co-founder Harry Miller returned as chief executive officer, replacing Douglas Morin, who had led the company through its IPO and a series of studio acquisitions. Miller is the company's largest shareholder, with a stake of about 22 percent. Devolver reported full-year 2025 revenue above 100 million US dollars, in line with its guidance, with an average Metacritic score of 78 across its 2025 releases.

Virtual reality titles

Devolver Digital has published VR games through partnerships with independent studios and through Croteam, which it acquired in 2020. The games below were released for or ported to virtual reality headsets.

GORN and GORN 2

GORN is a physics-driven gladiator combat game developed by Free Lives and published by Devolver Digital. It was released for Windows VR headsets through Steam on July 18, 2019, after a period in Early Access, then ported to PlayStation VR on May 19, 2020, Oculus Quest on January 28, 2021, and PlayStation VR2 on March 16, 2023. The game uses a fully physics-based combat system and is built around wave-based arena fights with improvised and exaggerated weapons.

A sequel, GORN 2, was developed by Free Lives together with the Swedish studio Cortopia and published by Devolver Digital. It launched for Meta Quest (Quest 2 and later) and PC VR via SteamVR on April 17, 2025, with a PlayStation VR2 version following later that year. GORN 2 features a campaign set across five arenas, each ending with a boss fight, plus an Endless Mode and a Custom Mode in which players assemble their own battlefields of weapons and enemies.

Croteam VR titles

Serious Sam VR: The Last Hope is a first-person shooter developed by Croteam VR, a VR-focused division of Croteam, and published by Devolver Digital. It was released for the HTC Vive and Oculus Rift on September 20, 2017. Croteam VR also produced VR conversions of earlier Serious Sam games and a location-based arcade version of The Last Hope.

The Talos Principle VR is a virtual reality version of Croteam's first-person puzzle game The Talos Principle, including its Road to Gehenna expansion. It was released for the HTC Vive and Oculus Rift in October 2017, requiring motion controllers, and was co-published by Croteam and Devolver Digital.

After acquiring Croteam in October 2020, Devolver became the parent of the studio behind these VR titles. The two companies had collaborated on more than ten games across PC, console, VR, and mobile platforms before the acquisition.

Showcases

Devolver Digital is known for the Devolver Direct, a recurring video presentation it began in 2017 as a counter-programmed alternative to large industry press conferences. The presentations combine new game announcements with scripted comedy sketches that satirize the conventions of corporate game marketing.