Keywords Studios PLC - Dublin-based technical and creative services provider to video game industry - Agrees to buy US game development studio Forgotten Empires LLC for up to USD32.5 million. Keywords will pay USD15.8 million in cash initially, plus a mix of cash and shares based on performance in the first year. Ohio-based Forgotten Empires had USD7.2 million in revenue in 2021. It has 53 game developers and worked on games such as Age of Empires and Age of Mythology.
"Forgotten Empires' talented team brings experience and expertise particularly in real time strategy games and will be a great addition to our client offering and game development capability," says Keywords Chief Executive Officer Bertrand Bodson.
Keywords says it has made a positive start to 2022, with strong organic revenue growth, and it is confident the full year will be in line with expectations. The company says it is well funded for organic growth and for acquisitions such as Forgotten Empires. Its next trading update will be with its interim results in September.
Current stock price: 2,422.00 pence, up 1.8% on Wednesday in London
12-month change: down 3.4%
By Tom Waite; thomaslwaite@alliancenews.com
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Keywords Studios Plc (KWS)