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Keywords Studios Acquires French Audio Recording and Localisation Services Firms.

M2 EQUITYBITES-August 9, 2017-Keywords Studios Acquires French Audio Recording and Localisation Services Firms


9 August 2017 - Irish video games industry technical services provider Keywords Studios plc (LSE: KWS) has acquired French audio recording and localisation services providers La Marque Rose SARL, Asrec SAS and the subsidiary companies of holding company, Dune Media SAS, trading as Dune Sound and Around the Word, the company said.

Keywords said the acquisitions are in line with its strategy of consolidating a leading position in the highly fragmented video games services industry and generating synergies through scale in certain services and geographies.

These acquisitions will allow the company to consolidate the providers of audio and localisation services in French which, together with German, remain the most important localised languages for games.

Keywords' plan is to integrate La Marque Rose, Dune Sound, Around the Word and Asrec with our existing recording studio in Paris (acquired as part of the Synthesis acquisition in April 2016).

The scale of the combined operation will support an investment of around EUR1m in new audio recording studios and offices that will accommodate all 50 employees in a single location and provide a true destination for French voice-over recording.

All but one of the six founders and shareholders will remain in the businesses with Michel Golgevit, founder of Dune being appointed as CEO of the combined companies.

La Marque Rose was founded in 1989 and has a well-earned reputation for setting the gold standard in French audio for games.

Established in 1998, Dune Sound (audio recording) and Around the Word (game localisation), which also has a small presence in Germany and in Canada, are together the largest providers of French language video game localisation.

Asrec started in 2010 and has been successfully providing Keywords, Synthesis and Binari Sonori with French audio recording for the past four years in a highly flexible and efficient manner.

The businesses being acquired have combined annual revenues of EUR9.0m and profit before tax of EUR 0.9m. The total aggregate consideration payable is EUR 6.6m on day one and up to a further EUR1.0m over the two years to 31 December 2019, based on meeting performance targets for the combined businesses.

Of the total aggregate consideration of up to EUR 7.6m (USD 8.89m), up to EUR 6.7m is being satisfied in cash, and the remainder through the issue of 75,796 new ordinary shares in Keywords.

Of this total, 9,534 new shares will be issued on day one (and are subject to a 12 month hard lock-in) and the balance will be issued on the first anniversary of completion.

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Publication:M2 EquityBites (EQB)
Date:Aug 9, 2017
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