Keywords Studios snaps up another game developer

22 Apr 2021

Image: © Gorodenkoff/

The Irish company has acquired UK-based Climax Studios to further strengthen its share in the video game market.

After a year jam-packed with acquisitions, Keywords Studios has added another game development company to its list of purchases.

The Dublin-based company has snapped up UK-based game developer Climax Studios, which is known for its work on the 2004 game Sudeki, and the 2007 and 2009 survival horror video games Silent Hill: Origins and Silent Hill: Shattered Memories.

Keywords Studios is acquiring the company in a deal worth up to £43m, which includes an initial consideration of £20.2m in cash and the equivalent of £6.8m in new ordinary shares, with a deferred consideration of up to £16m, in a mix of cash and new ordinary shares, that will be payable based on targets being met over the year following the deal’s completion.

“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,” said Climax Studios CEO Simon Gardner. “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.”

Keywords Studios’ joint interim CEO, Jon Hauck, added that Climax Studios brings a wealth of expertise and adds significant scale to the company’s rapidly growing game development service line.

“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,” he said.

Keywords Studios was established in 1998 and now has more than 65 facilities in 22 countries.

The company enjoys a strong market position, providing services to 23 of the top 25 most prominent games companies, including Activision Blizzard, Electronic Arts, Konami, Microsoft, Epic Games and Ubisoft.

It has been steadily building its reach over the last number of years through acquisitions, including the purchases of full-service AAA game developer High Voltage Software, UK development studio Coconut Lizard and Los Angeles-based Heavy Iron Studios in 2020.

Earlier this year, the game industry player also dipped its toes into the Australian market for the first time, becoming a majority investor in Melbourne-based game developer Tantalus Media.

Jenny Darmody is the editor of Silicon Republic