31 May 2016

Keywords Studios plc

 ("Keywords" or "the Group")

 Completion of the acquisition of Mindwalk Studios

Further to the announcement on 1 April 2016, Keywords Studios, the international technical services provider to the global video games industry, is pleased to confirm that it has now successfully completed the acquisition ("the acquisition") of the business and assets of Mindwalk Studios Inc and Mindwalk Studios Ltd (together referred to as "Mindwalk" or "the Sellers").

Consideration for the acquisition has been satisfied by an initial $3.4 million in cash for the net assets and goodwill of Mindwalk. A further $0.5m of deferred cash consideration will be due upon the third anniversary of the acquisition.  In addition, 513,189 new ordinary shares in Keywords will be issued to the Sellers on the second anniversary of the completion of the acquisition.

Andrew Day, Chief Executive of Keywords, commented:

"I am delighted to complete the acquisition of Mindwalk, which significantly enlarges the scale of our art services business line, giving us greater penetration of this attractive market and represents our first significant move into the fast growing Chinese market.

"We warmly welcome Mindwalk's highly talented team and collaborators to the growing Keywords family, and we look forward to continuing to build upon its excellent reputation and loyal client base."

Ends

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About Keywords Studios (www.keywordsstudios.com)

Keywords Studios is an international technical services provider to the global video games industry. Established in 1998, and now with facilities in Dublin, Rio de Janeiro, Montreal, Portland, Mexico City, Los Angeles, Seattle, Tokyo, Singapore, New Delhi, Pune, Rome, Milan, Barcelona, Madrid, Taipei, Shanghai, Beijing, Manila, Hamburg, Paris and London, it provides integrated art creation, localisation, testing, audio and customer care services across 50 languages and 14 games platforms to a blue chip client base in more than 15 countries.  It has a strong market position, providing services to 20 of the top 25 most prominent games companies, including Microsoft, Supercell, King, Bandai Namco, Sony, Konami, Electronic Arts, 2K, and Square Enix. Recent titles worked on include Tom Clancy's The Division, Halo 5: Guardians, Batman: Arkham Knight, Street Fighter V, Rise of the Tomb Raider, Clash Royale, Mobile Strike. Keywords is listed on AIM, the London Stock Exchange regulated market (KWS.L). 

About Mindwalk Studios (www.mindwalkstudios.com)

Mindwalk Studios is a leading video game art and animation services provider based in Beijing, China. With over a decade in business, the studio engages with the gaming industry's top-tier developers on a varied range of beloved global properties across all major platforms.

A pioneer in integrated development, Mindwalk has amassed a vast expertise distinguishing itself with "high touch" services based on a lean and agile organization. Excellence with process, workflow, project management, and resource planning is in its DNA.