Square Enix have sent a note to investors announcing they are selling Hitman developer IO Interactive.

The move comes as the company announced a 4,898 million yen (approx. AUD $58.3 million) loss for the financial year ended March 31, 2017.

“To maximize player satisfaction as well as market potential going forward, we are focusing our resources and energies on key franchises and studios.” Square Enix stated. “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.”

Reportedly, Square Enix are already in talks with potential investors but there is no guarantee negotiations will end successfully.

IO Interactive is based in Copenhagen, Denmark and was founded in 1998. Starting out as an independent developer, their debut title, Hitman: Codename 47 was released in 2000. The company was later purchased by publisher Edios Interactive in 2003, who in turn were acquired by Square Enix in 2009.