The acquisition furthers the Group’s strategy to become the ‘go to’ technical and creative services platform for the global video games industry.
Video games industry services provider Keywords Studios has acquired creative marketing agency Maverick Media in a deal worth £3.6 million.
The Dublin-based company purchased Maverick Media in a bid to broaden its range of marketing services.
Keywords will pay a non-contingent consideration of £2.7m for the Clerkenwell-based business, made up of £2.4m in cash and the issue of 13,579 new ordinary shares on the first anniversary of completion.
The remaining £900k will be paid based on meeting performance targets over the first six months once the deal has been completed.
“Maverick is a strong brand with a 25-year body of work in servicing video games publishers and developers and has grown successfully with the industry”
Based in London, Maverick Media was founded in 1995 and is one of the longest established video game creative agencies in Europe. The company currently employs 16 people and generated revenues of more than £3.4 million for the last financial year.
“Maverick is a strong brand with a 25-year body of work in servicing video games publishers and developers and has grown successfully with the industry. We are excited about the expertise that Maverick will bring to our wider marketing business and ultimately to our client base across the Group,” said Andrew Day, chief executive of Keywords Studios.
“This is the second acquisition to complete following our recent £100m placing and we have a healthy pipeline of further acquisition opportunities which we are reviewing and advancing.”
The purchase of Maverick Media furthers Keywords’ strategy to become the ‘go to’ technical and creative services platform for the global video games industry, according to the group’s statement.
The acquisition is also the latest in a line of takeovers in recent months. In June, the company announced it had bought game development engineering services provider Cononut Lizard in a £2 million deal.
Last December, the company also bought machine translation technology company Kantan, marketing services company Ichi and audio recording studio Syllabes.
By Stephen Larkin
Published: 27 August, 2020