20th Jul 2018 10:06
LONDON (Alliance News) - Keywords Studios PLC said Friday it acquired video game development firm Snowed In Studios Inc for up to CAD4 million.
Snowed In - founded in 2010 and based in Ottawa, Canada - will be acquired from its current owners Jean-Sylvain Sormany, Tim Vito and Evan Hahn. Keywords will pay an initial CAD2.7 million in cash. Keywords will then issue 37,983 shares to the sellers after a year and up to CAD200,000 in cash after a year-and-a-half.
Shares in Keywords were 1.9% higher at 1,822.00 pence on Friday. This values the share element of the deal at around GBP690,000.
For the year ended January, Snowed In generated CAD800,000 in earnings before interest, taxes, depreciation and amortisation on revenue of CAD2.4 million. For comparison, in 2017 Keywords itself reported EUR26.3 million in Ebitda on revenue of EUR151.4 million.
"The addition of Snowed In to the group will add strength and scale to our recently established engineering service line and enable Snowed In to take advantage of the group's very strong presence in the region to support its growth," Keywords Chief Executive Officer Andrew Day said.
"Having grown the engineering service line from nothing in May 2017, we now employ over 300 software engineers in multiple regions, and I'm delighted that Jean-Sylvain, Tim, Evan and their highly talented and creative team are joining the group as we continue to grow", Day added.
This follows a number of recent transactions. In mid-June, Keywords bought video games services firm Blindlight LLC for up to USD10.0 million. In late April, Keywords also acquired music services firms Cord Worldwide Ltd and Laced Music Ltd from Cutting Edge Group for GBP4.5 million.
Related Shares:
Keywords Studios Plc