Keywords Studios acquires UK-based Climax Studios for up to $60 million

Ireland-based video game industry services company Keywords Studios has acquired United Kingdom-based video game developer Climax Studios for up to £43 million ($60 million). 

For the acquisition, Keywords will pay Climax Studios £20.2 million ($28.1 million) in cash and give £6.8 million ($9.4 million) worth of new ordinary shares. Also, it’ll pay up to £16 million ($22.5 million) based on performance targets.

Climax brings a wealth of expertise, adds significant scale to our rapidly growing Game Development service line and provides access to a new pool of talent from its base in Portsmouth,’said Jon Hauck, Keywords Studios Joint Interim CEO. 

“The studio’s excellent track record of high quality delivery spans more than 30 years, with its services in high demand from some of the largest names in the industry. We are very excited about the experience and opportunities that Climax will bring to Keywords, and our clients, and we look forward to enabling their continued growth as part of the Group.”

Founded in 1988 in Portsmouth by Karl Jeffery, Climax Studios has provided many tech giants including Sony, Microsoft, Codemasters, Electronic Arts and 2K with game development services.  Some of its recent titles include Silent Hill: Shattered Memories, Crackdown 3 and Returnal PS5. 

We are very excited about joining Keywords and the opportunities that being part of an industry leading global business will open up to our clients and our team. ‘’ said Climax CEO Simon Gardner. “Keywords Studios shares our growth ambitions and their investment will support the delivery of a wider range of top quality services and products to our clients. We are looking forward to working closely with everyone at Keywords and to start playing our part in the impressive journey of the wider business.

Written by Sophie Blake

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