TIDMKWS
RNS Number : 2775W
Keywords Studios PLC
22 April 2021
22 April 2021
Keywords Studios plc ("Keywords Studios", "the Group")
Acquisition of Climax Studios Ltd ("Climax Studios" or
"Climax")
Brings significant additional scale to Keywords Studios' Game
Development Service Line
Keywords Studios, the international technical and creative
services provider to the global video games industry, today
announces that it has acquired the entire issued share capital[1]
of Climax Studios, a UK based provider of game development services
to the video games industry, for a total consideration of up to
GBP43m. The acquisition will bring significant additional scale to
the Group's largest service line, Game Development, and further the
Group's strategy to become the 'go to' technical and creative
services platform for the global video games industry.
Founded in 1988 and based in Portsmouth, Climax is one of the
longest established game development businesses in the UK. The
studio's talented team of 109 staff, led by CEO Simon Gardner,
provides full game development, co-development, porting and
technical consulting services to some of the world's largest games
publishers including Sony, Microsoft, 2K, Codemasters and
Electronic Arts. Climax has worked on original games and
co-development projects across all genres and platforms, including
on recent titles such as Silent Hill: Shattered Memories, Crackdown
3 and Returnal PS5.
In recent years, Climax has grown impressively: it recorded an
adjusted EBITDA of c.GBP4.3m in the year ended 31 December 2020 and
growth has continued in the current financial year. Under the terms
of the acquisition, Keywords will pay a maximum consideration of up
to GBP43m, comprised of an initial consideration of GBP20.2m in
cash and the equivalent of GBP6.8m in new ordinary shares. Deferred
consideration of up to GBP16m, in a mix of cash and new ordinary
shares, will be payable based on growth targets being met over the
year following completion. The new ordinary shares to be issued as
part of the initial consideration and the deferred consideration
are subject to one-year lock-in periods and orderly market
provisions for a further period.
[1] The vendors were Hyperion Capital Limited (82.5%), Simon
Gardner (15%) and James Sharman (2.5%).
Jon Hauck, Joint Interim CEO of Keywords Studios, commented:
"We are delighted that Simon and the highly talented Climax team
are joining the Keywords family. Climax brings a wealth of
expertise, adds significant scale to our rapidly growing Game
Development Service Line, and provides access to a new pool of
talent from its base in Portsmouth.
"The studio's excellent track record of high quality delivery
spans over 30 years, with its services in high demand from some of
the largest names in the industry. We are very excited about the
experience and opportunities that Climax will bring to Keywords,
and our clients, and we look forward to enabling their continued
growth as part of the Group."
Simon Gardner (Climax CEO) further commented:
"We are very excited about joining Keywords and the
opportunities that being part of an industry leading global
business will open up to our clients and our team.
"Keywords Studios shares our growth ambitions and their
investment will support the delivery of a wider range of top
quality services and products to our clients. We are looking
forward to working closely with everyone at Keywords and to start
playing our part in the impressive journey of the wider
business."
For further information, please contact:
Keywords Studios (www.keywordsstudios.com)
Jon Hauck, Joint Interim Chief
Executive Officer
Sonia Sedler, Joint Interim Chief
Executive Officer +353 190 22
Joseph Quinn, Investor Relations 730
Numis Securities
Stuart Skinner/Kevin Cruickshank/Will +44 20 7260
Baunton 1000
+44 20 3128
MHP Communications (Financial 8193
PR) keywords@mhpc.com
Katie Hunt/James Midmer/Charles
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 over 65 facilities in 22 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: Black Ops Cold War, Anthem, Star Wars Jedi: Fallen
Order, Assassin's Creed Valhalla, 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 Climax Studios ( www.climaxstudios.com )
Climax Studios is a long established games studio based in
Portsmouth, UK and has been making games for over 33 years. Whilst
it has produced award winning games on all platforms and genres
during its long history, it has most recently focused on
co-development and technical code support for leading games
publishers around the world. The studio has contributed creative
content for a number of new console titles, carried out platform
porting and game optimisation work and has become a world leader in
implementing extensive accessibility features alongside publisher
teams.
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END
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April 22, 2021 02:00 ET (06:00 GMT)
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