TIDMKWS
RNS Number : 0687X
Keywords Studios PLC
18 December 2023
18 December 2023
Keywords Studios plc ("Keywords Studios", "Keywords", the
"Group")
Acquisition of The Multiplayer Group Ltd ("MPG") from Improbable
Worlds Limited ("Improbable")
Leading multiplayer focused studio enhances and scales Keywords'
Create division
Keywords Studios, the international provider of creative and
technology-enabled solutions to the global video games and
entertainment industries, is delighted to announce that it has
acquired The Multiplayer Group Ltd , a multiplayer focused game
development studio headquartered in Nottingham, UK, for GBP76.5
million . The Group has acquired the business from Improbable, the
metaverse company, which has owned MPG since 2019.
MPG is one of the largest and most respected developers of AAA
multiplayer games and technology for some of the world's best-known
studios and publishers including Activision Blizzard, Bethesda,
Zenimax, Epic and 2K. MPG provides a range of services including
both co-development and full game development to a global client
base, and also has functions working on data science, new
technology and AI. The business has grown rapidly since its
foundation in 2018 and now employs over 360 staff globally.
MPG's leadership team comprising Andy Norman, Rocco Loscalzo,
Vaughan O'Brien and Roger Cheung will continue to lead the business
post-acquisition and will participate in a management incentive
plan based on ambitious growth targets over the next two years.
The consideration was paid in cash and primarily funded from the
Group's existing revolving credit facility. The business has a
strong pipeline of work and is expected to deliver double-digit
percentage revenue growth in 2024, with margins in line with those
of Keywords' Create division. The transaction is expected to be EPS
accretive in its first full year post acquisition and fall within
the Group's targeted valuation range of five to seven times
EBITDA.
Bertrand Bodson, CEO of Keywords Studios, commented: "We are
thrilled to welcome the MPG team to Keywords. MPG is a business
that we have long admired for its high-quality work, blue-chip
client base, deep experience in developing AAA multiplayer games
and its use of technology and data analytics. This is another
important step in building out our platform and expanding our
offering to encompass specialised multiplayer game development at
scale, which is increasingly in demand for live services. We
believe that MPG complements our existing high-quality UK and
global Create studios and are excited to bring them into the Group.
We look forward to working with Andy and the wider talented MPG
team over the coming years to continue to drive growth in the
business."
Herman Narula, Founder and CEO of Improbable, said : "We are
delighted to see MPG embark on its next chapter with Keywords, who
we've always seen as a like-minded business partner. Nurturing and
fostering ventures is at the heart of our philosophy and allows us
to realize lasting value, and we are confident that MPG will
continue to grow within the Keywords' environment."
Andy Norman, CEO of MPG, commented: "MPG has found success in
the multiplayer space through passion, expertise, and customer
driven collaboration. We have seen strong growth over the past few
years, working on some of the most complex and successful games in
the market, supported by our dedication to a sustainable,
people-first culture. With Keywords, we believe we can continue to
lead and grow multiplayer innovation, bringing the MPG ethos to
more customers and games. We look forward to working closely with
Keywords and driving growth both in MPG and across the enlarged
Keywords' group".
This Announcement contains inside information for the purposes
of the market abuse regulation (EU No. 596/2014) as it forms part
of United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR").
For further information, please contact:
Investor Contacts: Media Contacts:
Keywords Studios MHP Group
Giles Blackham Katie Hunt / Eleni
Director of Investor Menikou / Charles Hirst
Relations +44 7884 494 112
+44 7714 134 681 keywords@mhpgroup.com
gblackham@keywordsstudios.com
Deutsche Numis
Nominated Adviser &
Broker
Stuart Skinner / Will
Baunton
+44 20 7260 1000
About Keywords Studios ( www.keywordsstudios.com )
Keywords Studios is an international provider of creative and
technology-enabled solutions to the global video games and
entertainment industries . Established in 1998, and now with over
70 facilities in 26 countries strategically located in Asia,
Australia, the Americas, and Europe, it provides services across
the entire content development life cycle through its Create,
Globalize and Engage service lines to a large blue-chip client base
across the globe.
Keywords Studios has a strong market position, providing
services to 24 of the top 25 most prominent games companies and
contributing to over 70% of the 2023 Game Awards winners . Across
the games and entertainment industry, clients include Activision
Blizzard, Bandai Namco, Bethesda, Electronic Arts, Epic Games,
Konami, Microsoft, Netflix, Riot Games, Square Enix, Supercell,
TakeTwo, Tencent and Ubisoft. Recent titles worked on include
Starfield, Diablo IV, Hogwarts Legacy, Elden Ring, Fortnite,
Valorant, League of Legends, Clash Royale and Doom Eternal.
Keywords Studios is listed on AIM, the London Stock Exchange
regulated market (KWS.L).
About The Multiplayer Group ( www.themultiplayergroup.com )
At The Multiplayer Group (MPG), we specialise in creating the
highest standard of mind-blowing multiplayer experiences for our
partners, through Co-Dev and Full-Dev projects. Right now, we're
involved in the biggest shooters, the highest profile AAAs, and the
trickiest full physics-based multiplayer action ever produced. We
are a team of 360 across 30 countries, including the UK, Canada and
Spain. Our aims are to be instrumental in the best multiplayer
developments around the globe, to help our partners succeed and to
add value to these projects that only experience like ours can.
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END
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December 18, 2023 02:00 ET (07:00 GMT)
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