TIDMKWS
RNS Number : 3940G
Keywords Studios PLC
25 November 2020
25 November 2020
Keywords Studios plc ("Keywords", "the Group")
Acquisition of g-Net Media, Inc
Adding a West Coast-based, premium strategic and creative force
to Keywords' growing marketing portfolio
Keywords Studios, the international technical and creative
services provider to the global video games industry, today
announces that it has entered into an agreement to acquire the
entire issued share capital of g-Net Media, Inc. ("gnet"), a Los
Angeles based provider of marketing services to the video games and
entertainment industries , for a total consideration of up to
US$32m. The acquisition will further the Group's strategy to become
the 'go to' technical and creative services platform for the global
video games industry.
Founded in 2001 and led by John Rosenberg, David Getson and
David Moodie, gnet is a multi- award-winning studio providing
creative and strategic marketing services for leading games
publishers including Activision, Microsoft, Bethesda and Bungie as
well for media and entertainment companies such as Netflix, Amazon
Prime, and NBC Universal. gnet's talented team of 85-staff
supported by a wide network of local and international experts, are
proud to work on such iconic franchises as Call of Duty, Fallout,
Gears of War, and Destiny.
For the year ended 31 May 2020, gnet generated unaudited net
revenues of US$16.3m and adjusted EBITDA of US$2.2m , and for the
calendar year to 31st December 2021, revenues are expected to be
around $20m and EBITDA around $3.0m . Under the terms of the
acquisition, Keywords will pay initial consideration of US$14.4m in
cash and the equivalent of US$3.6m in new ordinary shares to the
sellers on the first anniversary of the acquisition, which will
then be subject to orderly market provisions for a further year.
Deferred consideration of up to US$14m will be payable to the
sellers, in a mix of cash and shares, based on performance targets
being met by the first and second anniversaries of the
acquisition.
Andrew Day, CEO of Keywords Studios commented:
"It's a great pleasure to welcome the gnet team into the
Keywords family. This represents a significant milestone as we
continue to build our Marketing service business to become the
first truly global, video game specialised marketing services
company. With its well established position as a valued partner to
some of the biggest names in video games, and from its home in
Hollywood, gnet brings the number of Keywords specialist marketing
studios to seven. Combined, Keywords' annual marketing services
revenues are now over EUR35m with more than 180 people employed
globally.
"We look forward to working with the wonderful team at gnet as
we continue to grow and invest in this important area of our
business."
gnet's David Getson, further commented:
"Together with my partners John Rosenberg and David Moodie, we
want to express just how excited we are to be joining the Keywords
Studios family and unlocking the opportunity to work with its
impressive roster of talented studios and people across the globe.
We strongly believe that this strategic union will combine the
powerful momentum of gnet together with vast reach and strength of
Keywords existing operations. This not only leads to an exciting
future for all our employees as part of a rapidly growing and
increasingly influential global company, but it also enables gnet
to service our clients in a much more comprehensive way than ever
before. "
For further information, please contact:
Keywords Studios (www.keywordsstudios.com)
Andrew Day, Chief Executive Officer
Jon Hauck, Chief Financial Officer
Joseph Quinn, Investor Relations +353 190 22 730
Numis Securities
Stuart Skinner/Kevin Cruickshank/Will
Baunton 020 7260 1000
MHP Communications (Financial PR) 020 3128 8193
Katie Hunt/James Midmer/Charles keywords@mhpc.com
Hirst
About Keywords Studios ( www.keywordsstudios.com )
Keywords Studios is an international technical services provider
to the global video games industry. Established in 1998, and now
with 63 facilities in 21 countries strategically located in Asia,
the Americas and Europe, it provides integrated art creation,
marketing services, software engineering, testing, localization,
audio and customer care services across more than 50 languages and
16 games platforms to a blue-chip client base of over 950 clients
across the globe.
Keywords Studios has a strong market position, providing
services to 23 of the top 25 most prominent games companies,
including Activision Blizzard, Bandai Namco, Bethesda, Electronic
Arts, Konami, Microsoft, Riot Games, Square Enix, Supercell,
TakeTwo, Epic Games and Ubisoft. Recent titles worked on include
Call of Duty: Modern Warfare, Anthem, Star Wars Jedi: Fallen Order,
Assassin's Creed Odyssey, Valorant, League of Legends, Fortnite,
Clash Royale and Doom Eternal. Keywords Studios is listed on AIM,
the London Stock Exchange regulated market (KWS.L).
About gnet ( www.gnet.agency )
gnet is a Hollywood-based creative agency helping brands find
success at the intersection of entertainment, technology, and
marketing. Strategy-led and content-driven, gnet has developed a
reputation in the gaming and TV spaces for its ability to help
build and engage passionate fan communities for clients including
Microsoft, Activision, Bethesda Softworks, Netflix, and NBC
Universal. Named "Agency of the Year" for the last two successive
years at the PromaxGAMES Awards, gnet's work has helped fuel the
success of some of the biggest and most enduring blockbuster
franchises in gaming, including Call of Duty, Fallout, Gears of
War, Destiny and many more.
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END
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November 25, 2020 02:00 ET (07:00 GMT)
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