Keywords spending spree continues with the acquisition of UK dev Wushu Studios
- Wushu Studios represents the company’s ongoing creative expansion as the company increasingly moves into asset creation and work-for-hire
- The company now provides services to 24 of the top 25 most prominent games companies
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Keywords Studios, the game development services company has today made another acquisition, forming another part of their growing empire and M&A driven plan for expansion.
The latest company to join the group is Liverpool UK-based game developer Wushu Studios Limited. The company is known for its work-for-hire, contributing to games for multiple publishers including Fall Guys: Ultimate Knockout, The Ascent, Baldur’s Gate 3 and Forza Horizon 5.
This latest purchase joins over 20 such acquisitions. It’s an aggressive M&A strategy that’s worked earning the company a £2.1 billion valuation.
Ever expanding
Keyword’s acquired tech help company Helpshift in 2022 – a company which provides tech support for users, lightening the load for devs and publishers and automating processes with AI wherever possible to keep user satisfaction high. Wushu Studios represents the company’s ongoing creative expansion as the company increasingly moves into asset creation and work-for-hire. Wushu Studio’s will be joining Keywords’ expanding Create Division.
The company now provides services to 24 of the top 25 most prominent games companies and contributes to over 70% of the 2023 Game Awards winners.
This latest purchase joins over 20 such acquisitions as the company builds out further. And it’s an aggressive M&A strategy that’s worked as the company recently agreed to be bought out by private market investments organisation EQT at a £2.1 billion valuation.
Getting creative
Previously the company acquired the similarly Liverpool-based developer The Multiplayer Group (MPG) from UK metaverse outfit Improbable for £76.5 million ($96.8 million) to found the Create group. Wushu Studios will be joining this group to provide further resource and capacity.
Founded in 2017, Wushu currently has a staff of 160 with adjusted revenues of approximately £12.5m. The company states that “the consideration comprises an upfront and earn-out component and is expected to fall within the Group’s targeted valuation range”.
“Wushu’s highly skilled team, strong relationships and opportunities for growth will be important assets that complement our existing Create studios.”
Bertrand Bodson, CEO, Keywords Studios
Bertrand Bodson, CEO of Keywords Studios said: “We are thrilled to welcome Wushu to Keywords. The acquisition aligns with our strategy to build out our game development offer globally. We now have two studios in Liverpool which is a key regional hub for talent in the UK.
“Wushu’s highly skilled team, strong relationships and opportunities for growth will be important assets that complement our existing Create studios as we continue to enhance our offering to our global client base. We look forward to working with Alan and the talented team over the coming years to support and drive growth in the business.”
Alan McDermott, Founder of Wushu Studios, further commented: “This is an exciting new chapter for Wushu. Joining Keywords allows us to maintain our creative independence while gaining access to a wealth of resources and expertise.
“Keywords shares our ambitions for continued growth, and their investment in Wushu will help us continue to remain faithful to our people-first approach to development. We look forward to collaborating with the broader Keywords network and taking on ever more ambitious projects in the future.”
