Campo Santo's Firewatch is the only game that has been released since the studio was founded by developers who had formerly worked on the likes of The Walking Dead, Bioshock, and Mark of the Ninja back in 2013, but despite the company's limited portfolio, it was apparently enough to impress Gabe Newell and the rest of Valve.
We're now told that Campo Santo has been acquired by Valve, but that we shouldn't expect to see many noteworthy changes because of the move. Campo Santo's next game will still be In the Valley of Gods, the twelve developers at the studio will keep their jobs, and they'll continue to publish their posts (The Quarterly Review). One of the few differences is that the studio will relocate to Seattle in the near future, and naturally, it will now be more financially secure.
The blog post confirming the acquisition makes it clear that the two companies decided to team up because they share the same values and "how, when you get right down to it, we, as human beings, are hard-limited by the time we have left when it comes to making the things we care about and believe in".
This acquisition also lines up pretty well with Valve CEO Gabe Newell's recent "Valve's going to start shipping games again" statement, so it's seems like a nice fit. Now we just have to wait and see if this means that In the Valley of Gods will be a PC exclusive or not, and how long it takes before the next round of Half-Life 3 rumours pop up.