TIDMKWS
RNS Number : 1976R
Keywords Studios PLC
26 June 2020
26 June 2020
Keywords Studios plc ("Keywords", "the Group")
Acquisition of Coconut Lizard
Strengthening the Game Development Service Line
Keywords Studios, the international technical and creative
services provider to the global video games industry, today
announces the acquisition of Coconut Lizard Limited ("Coconut
Lizard"), a company providing specialised game development services
, for a consideration of up to GBP2m. The acquisition furthers the
Group's strategy to become the 'go to' technical and creative
services platform for the global video games industry.
Based in Gateshead, United Kingdom, Coconut Lizard is a
well-regarded provider of game development engineering services
with particularly deep expertise in the video game development
engine, Unreal Engine. Importantly, in addition to expanding the
Group's Game Development services, it brings strong access to game
development talent including graduates from the specialised video
game development and engineering degree courses at University of
Sunderland and Newcastle University.
Coconut Lizard was founded by Robert Troughton, a veteran video
games programmer who successfully built up a studio he founded
before selling it to Epic Games in 2014. Coconut Lizard provides a
range of services including game optimisation, game hardening, game
porting and middleware integration for the Unreal Engine game
development suite. Its clients include Microsoft's Rare studio,
where Coconut Lizard is providing a range of services to support
and further develop the hit multiplayer game, Sea of Thieves.
For the year ended 31(st) March 2020, Coconut Lizard generated
revenues of over GBP1.5m and adjusted EBITDA of GBP0.35m. The
business has added 10 developers to its team since January 2020
taking its current headcount to 29 with further growth expected
during the year.
Keywords will pay non contingent consideration of GBP1.35m,
comprising GBP0.99m in cash and the remainder through the issue of
19,739 new ordinary shares to the sellers, Robert Troughton and
members of the wider team, on the first anniversary of completion.
The remaining consideration of up to GBP0.65m will become payable
to the sellers, in a mixture of cash and shares, based upon
performance targets for Coconut Lizard over the first 12 months
post completion.
Andrew Day, CEO of Keywords Studios commented:
"We are delighted to welcome Robert and the team at Coconut
Lizard to the Keywords family. The Coconut Lizard team will bring
further expertise in the Unreal Engine as well as access to talent
to our wider team of around 1,000 people working across our Game
Development studios internationally.
"Having recently successfully raised GBP100m in a placing, we
are pleased to have completed our first acquisition despite the
Covid-19 pandemic.
"We expect to complete further acquisitions over the months
ahead from the strong and attractive pipeline of opportunities that
we are currently reviewing."
For further information, please contact:
Keywords Studios (www.keywordsstudios.com)
Andrew Day, Chief Executive Officer
Jon Hauck, Chief Financial Officer
Joseph Quinn, Investor Relations +353 190 22 730
Numis Securities
Stuart Skinner/Kevin Cruickshank/Will
Baunton 020 7260 1000
MHP Communications (Financial PR) 020 3128 8193
Katie Hunt/James Midmer/Charles keywords@mhpc.com
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 59 facilities in 21 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 4, Mortal Combat X, Assassin's Creed
Odyssey, Borderlands 3, League of Legends, Fortnite, Clash Royale
and Rainbow Six Siege. Keywords Studios is listed on AIM, the
London Stock Exchange regulated market (KWS.L).
About Coconut Lizard ( www.coconutlizard.com )
Coconut Lizard is an unrivalled specialist in developing Unreal
Engine games across all platforms including PC/Mac, and Console
(PS4, Xbox One, Switch and many more). The studio has grown rapidly
since its foundation in 2015 and now employs 29 developers. Coconut
Lizard works hand in glove with game developers and publishers to
deliver solutions including games performance and optimisation,
platform porting, hardening and bug fixing, content analysis,
middleware integration and consulting.
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END
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