TIDMKWS
RNS Number : 1213O
Keywords Studios PLC
08 June 2022
8 June 2022
Keywords Studios plc ("Keywords Studios", "Keywords", the
"Group")
Acquisition of Forgotten Empires, LLC ("Forgotten Empires")
Adds Real Time Strategy game expertise to Keywords' Game
Development Service Line
Keywords Studios, the international technical and creative
services provider to the global video games industry, today
announces that it has entered into a conditional agreement to
acquire Forgotten Empires, LLC, a full service game development
studio , for a total consideration of up to US$32.5m. 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 2013 by studio head Ryan Shepherd, who will continue
leading Forgotten Empires within Keywords Studios, the studio
specialises in the development of real time strategy games ("RTS")
including Microsoft's classic franchise, Age of Empires.
Headquartered in Ohio in the US, Forgotten Empires' talented team
of 53 game developers are passionate individuals from around the
globe who are also avid RTS fans. Forgotten Empires has worked on
many games including all of the Age of Empires Definitive Editions,
Age of Mythology: Extended Edition and Age of Empires IV and has
worked alongside Keywords' other game development studios Tantalus,
Wicked Witch and Climax Studios on certain of those projects.
Forgotten Empires generated revenue of US$7.2m in 2021 and is
expected to grow strongly in the current year. Under the terms of
the acquisition, which is subject to certain closing conditions,
Keywords Studios will pay a maximum amount of US$32.5m, comprised
of initial cash consideration of US$15.75m, the equivalent of
US$3.75m in new ordinary shares to be issued one year post
completion (US$2m of which is contingent on targets being met in
the first six months from completion), and up to US$13m, in a mix
of cash and new ordinary shares based on growth targets being met
over the year following completion. The new ordinary shares in
Keywords Studios to be issued are subject to one-year orderly
market provisions.
Bertrand Bodson , CEO of Keywords Studios commented:
"We are very excited to welcome Ryan and the Forgotten Empires
team to Keywords. The studio has been instrumental in helping to
create, design and grow the hugely successful and expanding Age of
Empires series. 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. Forgotten Empires' strong track record of attracting
and retaining talent globally is a testament to Ryan, his team and
the high quality of the work that the studio produces. We look
forward to supporting Forgotten Empires' continuing growth as part
of the Group."
Ryan Shepherd , further commented:
"We are delighted to join Keywords Studios, an industry leading,
fast growing business with a global footprint. We are really
excited that they share our ambition and will provide the support
to enable and underpin our continuing growth. Having worked
alongside some of Keywords' development studios we know the
cultural fit will work well and we look forward to working more
closely together with the wider Keywords' group to drive the
combined business forward."
For further information, please contact:
Keywords Studios ( www.keywordsstudios.com
)
Bertrand Bodson, Chief Executive Officer +353 190 22
Jon Hauck, Chief Financial Officer 730
Numis Securities
Stuart Skinner/Kevin Cruickshank/Will +44 20 7260
Baunton 1000
MHP Communications (Financial PR) +44 20 3128
Katie Hunt/Eleni Menikou/Charles Hirst 8193
keywords@mhpc.com
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 70 facilities in 24 countries strategically located in
Asia, Australia, the Americas and Europe, it provides integrated
art creation, marketing services, game development, testing,
localization, audio and player support 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. 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
Anthem, Star Wars Jedi: Fallen Order, 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 Forgotten Empires ( www.forgottenempires.net )
Forgotten Empires is an independent full-service game developer
focused on Windows PC games. Headquartered in the U.S., the
Forgotten Empires team consists of 53 passionate individuals from
around the globe, each of whom brings a unique skill set and
perspective to the studio. The studio specialises in software
engineering, artwork, gameplay, graphic design and QA services.
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END
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