AIM-listed software development services firm Keyword Studios (LON:KWS) saw its share price rise by 2.50% to 2,214p (as of 15:35 GMT) after announcing the acquisition of LA-based marketing specialists g-Net Media for a consideration of up to $32 million. The company will pay an initial cash consideration of $14.4 million with future share and cash based payments made later and partially linked to performance.
CEO Andrew Day commented: “It’s a great pleasure to welcome the gnet team into the Keywords family. This represents a significant milestone as we continue to build our Marketing service business to become the first truly global, video game specialised marketing services company. With its well established position as a valued partner to some of the biggest names in video games, and from its home in Hollywood, gnet brings the number of Keywords specialist marketing studios to seven. Combined, Keywords’ annual marketing services revenues are now over €35m with more than 180 people employed globally.
“We look forward to working with the wonderful team at gnet as we continue to grow and invest in this important area of our business.“