TIDMKWS
RNS Number : 7401U
Keywords Studios PLC
03 August 2022
3 August 2022
Keywords Studios plc ("Keywords Studios", "Keywords", the
"Group")
Acquisition of Mighty Games and the completion of the
acquisition of Forgotten Empires
Mighty Games' automated AI based technology will enhance
Keywords' games testing solutions
Keywords Studios, the international technical and creative
services provider to the global video games industry, today
announces that it has acquired Mighty Games Group Pty Ltd ("Mighty
Games", "Mighty") and has completed the acquisition of Forgotten
Empires, LLC ("Forgotten Empires"). These acquisitions 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 Matt Ditton and co-founder Ben
Britten-Smith, who will continue leading Mighty Games within
Keywords Studios, the studio specialises in the development of
automated games testing solutions including its "Build and Test"
platform. Build and Test uses AI technology deployed on multiple
machines to automatically test code, detect bugs and defects and
report errors on a 24/7 basis. Mighty is based in Melbourne,
Australia and, in addition to games testing solutions, the 21
person team provides game development services for clients
including global mobile game developers as well as Australian
developers and publishers.
Under the terms of the Mighty Games acquisition, Keywords will
pay a maximum amount of AUD$10.0m , comprised of initial cash
consideration of AUD$4.8m, the equivalent of AUD$1.2m in new
ordinary shares to be issued within 30 days of completion, and up
to AUD$4.0m, in a mix of cash and new ordinary shares based on
growth targets being met over the three years following completion.
The new ordinary shares in Keywords Studios to be issued are
subject to one-year lock in periods and orderly market provisions
for a further year.
Further to the announcement of 8 June 2022, Keywords is pleased
to announce that it has completed the acquisition of Forgotten
Empires on the terms previously announced.
Bertrand Bodson, CEO of Keywords Studios commented:
"We are delighted to welcome the Mighty Games team to Keywords
and to be able to offer their impressive automated game testing
solutions and expertise to our clients, in line with our strategy
to harness technology to do more for our clients and remain at the
forefront of our industry. Mighty's talented game development team
further strengthens our game development presence in Melbourne and
follows the recent acquisitions of Tantalus and Wicked Witch in
Australia. We are really looking forward to supporting Mighty's
team and growth as part of the Group."
Matt Ditton and Ben Britten-Smith of Mighty Games ,
commented:
"We are really excited to join Keywords Studios, an industry
leading, fast growing business with a global footprint. Ben and I
are looking forward to delivering strong growth with the support of
Keywords and helping to offer technology enabled Build and Test
solutions to its global client base. We see it as a strong cultural
fit and we look forward to working closely 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 8193
Hirst 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 Mighty Games ( www.mightygamesgroup.com )
Mighty Games' experienced team focuses on developing tech based
AI led solutions for the video game industry. The studio has
developed a platform of scalable artificial intelligence driven,
automated, build and testing tools optimized for game development
pipelines. Mighty is currently running thousands of hours of
automated testing per day on client titles that run the gamut of
mobile games, console titles, multiplayer and crossplay games
across a variety of genres.
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END
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