Keywords Studios acquires Texas-based game development studio Hardsuit

(Alliance News) - Keywords Studios PLC on Thursday said it has acquired Seattle, Washington-based game development studio Hardsuit for up to USD15 million.

Keywords will pay an initial USD8.25 million, to be paid within 30 days of completion. This is made of USD6.6 million in cash and USD1.65 million in Keywords shares.

A further USD6.75 million contingent consideration, in a mix of cash and shares, may be paid based on growth targets being met over two years following completion. The targets were not specified by Keywords.

In 2022, Hardsuit recorded revenue of USD11 million.

Keywords Chief Executive Bertrand Bodson said: "The business is a great fit for our Create service line and strengthens our existing offering for some of the strongest intellectual properties in digital entertainment. Hardsuit is our first game development studio in Seattle, growing our presence in a city home to several existing and potential clients, and gives us access to a high-quality talent pool from which to drive future growth. We are looking forward to working with the Hardsuit team and supporting the studio's continuing growth as part of Keywords."

Keywords Studios is a Dublin-based technical and creative services provider to the video game and entertainment industries.

Shares in the firm were 6.0% higher at 2,310.00 pence on Thursday morning in London.

By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.