Keywords Studios acquires Studio Gobo for £26m

Keywords Studios has inked a deal worth £26 million for the acquisition of Studio Gobo and its subsidiary Electric Square, it was revealed today.

A GamesIndustry.biz Best Places to Work award winner, Studio Gobo has three sites across Brighton and Hove, UK, where it provides game development services.

Considerations of the deal include £10.5 million cash, and over 250,000 shares in Keywords; the remaining £11 million is payable in a mix of cash and shares.

All sellers are remaining at the company under the continued direction of CEO Tony Beckwith.

"As we look to build upon our strong foundations, Keywords leading position in the video games industry, its breadth of services and its geographical reach will provide us with a strong and broader platform from which to deliver our ambitious growth plans," said Beckwith.

Founded in 2011, Studio Gobo now employs 170 software engineers, artists, animators, game designers, QA testers, and producers.

Studio Gobo provides services including full game development, co-development, live operations, and porting services.

It has worked on projects such as Disney Infinity, For Honor, and Miami Street.

"The acquisition further expands the number of the world's leading game companies who use our development services," said Keywords CEO Andrew Day.

"As winner of GamesIndustry.biz's Best Places to Work 2017 award, its Brighton and Hove locations and strong culture is also a major draw for talent around the UK and beyond.

"We look forward to working closely with Gobo's highly talented team to build upon their strong industry reputation and relationships with some of the world's leading games developers and publishers."

The Studio Gobo deal marks the eighth Keywords Studios acquisition this year. In June the firm announced it had secured €105 million for further acquisitions, leaving it with plenty of scope to possibly exceed the 11 deals completed in 2017.