Keywords Studios acquires video game art studio AMC
Video games services provider Keywords Studios has acquired video game art creation studio AMC for €2.8m.
Keywords said on Thursday that the acquisition added "significant talent and experience" to its art service line and also established its presence in Eastern Europe and brought opportunities for other service lines the firm has operating in the region.
The AIM-listed firm highlighted that AMC, based in Bucharest, Romania, had "grown strongly" over the last two years, recording revenues and adjusted underlying earnings of €2.3m and €500,000 in 2020, respectively.
Under the terms of the acquisition, Keywords will pay an initial cash consideration of €2.0m for AMC, and the equivalent of €800,000 in new ordinary shares.
Joint interim chief executive Jon Hauck said: "We are excited by the expertise and experience that AMC will bring to our art service line and by the growth opportunities for the service line as well as for Keywords' wider business in the region.
"The studio's excellent track record and reputation for high quality work for over 12 years is extremely impressive. We are looking forward to helping AMC to grow further as part of the Group and to being able to offer AMC's high quality work to our client base."
As of 1140 BST, Keywords shares were down 0.59% at 2,795.44p.