Keywords Studios has announced that it has acquired UK-based developer Climax Studios for £43 million ($60 million).
According to the agreement, Keywords will pay Climax up to £43 million ($60 million). Initially, the Keywords will pay £20.2 million ($28.1 million) in cash and £6.8 million ($9.4 million) worth of new ordinary shares.
The remaining £16 million ($22.5 million) comprises both cash and shares and will be paid based on Climax’s performance over the next year.
“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,” said Climax Studios CEO Simon Gardner. “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.”
Climax Studios was founded in 1988 and has collaborated in the development of many games from many companies, including Electronic Arts, Microsoft, Sony and Codemasters. Climax is best known for Sudeki, Crackdown 3, and the Silent Hill franchises; Silent Hill: Origins and Silent Hill: Shattered Memories. The studio is currently working on its upcoming title, Returnal for PS5.
“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,” commented Jon Hauck, interim chief executive of Keywords Studios. “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.”
Earlier this month, Keywords Studios unveiled its new audio localization studio in Paris. The company reported robust financial results with a 14.4% growth in revenue to £373.5 million in 2020.
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