Keywords Studios PLC (AIM:KWS, OTC:KYYWF) has acquired Hardsuit Labs Inc, a US-based game development studio based in Seattle, for up to a maximum of US$15mln.
Founded in 2015, Hardsuit has worked on Call of Duty and Crash Bandicoot for Activision Blizzard, generating revenues of approximately US$11mln in 2022.
Founders Andy Kipling and Russell Nelson will continue to lead the business post-transaction, said Keywords.
Payment will comprise an initial US$8.25mln, comprised of US$6.60mln in cash and US$1.65mln in shares, with the remainder based on performance over two years.
Bertrand Bodson, Keywords chief executive, commented: "Hardsuit is a high-quality studio that works on some of the world's largest franchises.
“The business is a great fit for our Create service line and strengthens our existing offering for some of the strongest intellectual properties in digital entertainment.”