Keywords Studios Plc Share News (KWS)

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Keywords Studios acquires UK game developer Wushu Studios

Tue, 13th Aug 2024 10:21

(Alliance News) - Keywords Studios PLC on Tuesday announced the acquisition of Wushu Studios Ltd to facilitate growth and complement its existing game development studios.

The Dublin-based technical and creative solutions provider to the global video games industry said it acquired the Liverpool-based game development studio for an undisclosed upfront consideration with an earn-out component.

The transaction was funded by a combination of cash and the company's existing credit facility.

Wushu, with its 160 employees, provides a range of services to publishers and developers and has recently worked on games such as Forza Horizon 5 and State of Decay.

In the year that ended August 31, Wushu generated adjusted revenue of approximately GBP12.5 million and finished the year with a "strong pipeline of high-quality projects".

Chief Executive Officer Bertrand Bodson said: "The acquisition aligns with our strategy to build out our game development offer globally. We now have two studios in Liverpool which is a key regional hub for talent in the UK. Wushu's highly skilled team, strong relationships and opportunities for growth will be important assets that complement our existing Create studios as we continue to enhance our offering to our global client base."

Keywords Studios shares were down 0.1% to 2,398.00 pence each in London on Tuesday morning.

By Elijah Dale, Alliance News reporter

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