27th Aug 2020 11:34
(Alliance News) - Keywords Studios PLC on Thursday said it has acquired video games creative marketing agency Maverick Media Ltd for up to GBP3.6 million.
The company - which provides services to video game developers - said the acquisition furthers its strategy to become the "go-to technical and creative services platform for the global video games industry".
For its financial year ended May 31, Maverick generated revenue of over GBP3.4 million and adjusted earnings before interest, tax, depreciation, and amortization of around GBP1.0 million.
Keywords will pay an GBP2.7 million comprising GBP2.4 million in cash and the remainder through the issue of 13,579 shares one year after the completion of the transaction. Based on performance targets over the first six months after completion, GBP900,000 will be paid in a mixture of cash and the issue of up to 22,632 shares.
"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. This is the second acquisition to complete following our recent GBP100 million placing and we have a healthy pipeline of further acquisition opportunities which we are reviewing and advancing," said Keywords Chief Executive Andrew Day.
The stock was trading 0.6% lower at 2,237.00 pence each on Thursday morning in London.
By Ife Taiwo; [email protected]
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