Like Wicked Witch

closed 12/22/2021 via BNC Analysis

Keywords Studios, acquired Wicked Witch

synopsis: Keywords Studios has revealed that it has acquired Australian games development studio Wicked Witch. Founded in 2001, Melbourne-based Wicked Witch has provided game and graphic development support across multiple platforms including mobile. It has worked with both large publishers such as Microsoft and Riot Games and Australia-based developers.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Wicked Witch
Founded in 2001, Melbourne-based Wicked Witch has provided game and graphic development support across multiple platforms including mobile. It has worked with both large publishers such as Microsoft and Riot Games and Australia-based developers.
price ($mm)
$6.50
rev ($mm)
EBITDA ($mm)
EV / rev
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closed 8/4/2022 via BusinessWire

InfiniteWorld, acquired Super Bit Machine, Inc.

synopsis: Infinite Assets, Inc. (“InfiniteWorld”) has acquired Super Bit Machine, an independent gaming studio and Armajet developer, founded by industry veterans with experience running massive multiplayer “Top 10” grossing games on iOS and Android, including Bingo Blitz by Buffalo Studios.
buyer: InfiniteWorld
InfiniteWorld is a leading Web3 and Metaverse infrastructure company that enables brands and creators to create, monetize, and drive consumer engagement and experiences with digital content. "
target: Super Bit Machine, Inc.
Super Bit Machine is an independent gaming studio founded by industry veterans with a focus on creating spectator-friendly competitive games that bring people together across all platforms. Its flagship title, Armajet, is a highly competitive action game that has won several awards.
price ($mm)
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closed 7/21/2022 via Company Press Release

Jagex Ltd., acquired Pipeworks Inc.

synopsis: Leading global games developer and publisher Jagex has acquired Pipeworks Studios, a highly established and innovative 200-person strong development studio. Marking its first acquisition of an external studio, the transaction reflects Jagex’s commitment to expand its team of world-class talent, as well as grow its footprint in North America.
buyer parent: Carlyle Group
buyer: Jagex Ltd.
Jagex is a British leader in creating deep and engaging live games on PC and mobile. Jagex’s flagship MMORPG RuneScape has welcomed almost 300million player accounts to its world and is a $1billion lifetime revenue franchise. "
target parent: Sumo Digital Ltd.
target: Pipeworks Inc.
Pipeworks is an innovative, well-established, and respected US video games developer based in Eugene, Oregon. It provides full development, co-development, and live operations to premier video game publishers and other partners.
price ($mm)
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closed 7/20/2022 via Company Press Release

Nordisk Games, acquired Supermassive Games

synopsis: Nordisk Games, the video game division of Danish entertainment company Nordisk Film, acquires Supermassive Games, a BAFTA-winning, independent game studio, developing innovative storytelling titles.
buyer parent: Egmont Foundation
buyer: Nordisk Games
Nordisk Games is the video game division of Danish entertainment company Nordisk Film. Nordisk Games makes equity investments in European game studios. Nordisk Games has built a portfolio of developers that includes Avalanche Studios Group, Star Stable Entertainment, Nitro Games, etc. "
target: Supermassive Games
Supermassive Games is a BAFTA-winning, independent game studio, developing innovative storytelling titles. They have released a number of successful titles and are best known for the critically acclaimed PS4 hit Until Dawn and The Dark Pictures Anthology - a series of stand-alone, horror games.
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closed 7/12/2022 via BNC Analysis

Dorian Inc., acquired Nix Hydra Games

synopsis: Female-founded and led social storytelling platform Dorian has acquired mobile game developer Nix Hydra Games and its flagship titles. This acquisition is a part of Dorian’s growth strategy, connecting fans and independent creators to popular IPs, monetisation features, and code-free creation tools.
buyer: Dorian Inc.
Dorian is the world's first game creation and streaming platform that enables creators to turn fiction into games with zero coding. Dorian’s mission is to empower millions of female and diverse creators to unlock their vision in a game format and run their own game businesses. "
target: Nix Hydra Games
Nix Hydra is a female-founded mobile game studio with a portfolio of games and apps that are enjoyed by over 23 million people worldwide. Nix Hydra focuses on empowering underrepresented communities through games and interactive storytelling.
price ($mm)
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announced 7/7/2022 via BNC Analysis

Kongregate Inc., will acquire Gamaga

synopsis: Kongregate, a leading game publisher and web gaming portal, will acquire Gamaga, a leading game development studio in Chile. Gamaga has worked with established brands like Sony, Div3rsion and iEntertainment Network on multiple successful mobile games. Their titles include Farm Idle Moo Tycoon, Cobra Kai: Card Fighter, Banana Kong, and more.
buyer parent: Modern Times Group MTG AB
buyer: Kongregate Inc.
Kongregate is a leading game publisher and web gaming portal. Kongregate’s mobile games have been downloaded tens of millions of times and have hundreds of millions of gameplays. Kongregate's web portal features over 100,000 free games played by tens of millions of players per month. "
target: Gamaga
Gamaga is a leading game development studio in Chile. Gamaga has worked with established brands like Sony, Div3rsion and iEntertainment Network on multiple successful mobile games. Their titles include Farm Idle Moo Tycoon, Cobra Kai: Card Fighter, Banana Kong, Operate Now, and more.
price ($mm)
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closed 7/1/2022 via BusinessWire

Blizzard Entertainment, acquired Proletariat

synopsis: Blizzard Entertainment has closed the acquisition of Boston-based Proletariat, an award-winning independent game developer with the mission to create games that change the way communities play together.
buyer parent: Activision Blizzard
buyer: Blizzard Entertainment
Blizzard Entertainment, Inc. is an American video game developer and publisher. Blizzard created several successful video games, including the Warcraft sequels, StarCraft, and Diablo series, and the MMORPG World of Warcraft. "
target: Proletariat
Founded in 2012 in Boston, MA, by a group of game-industry veterans from Harmonix, Turbine, and Insomniac, Proletariat is an award-winning independent game developer with the mission to create games that change the way communities play together.
price ($mm)
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announced 6/29/2022 via BNC Analysis

Miniclip, will acquire SYBO ApS

synopsis: Miniclip, a mobile game developer in Europe, will acquire SYBO, a mobile games studio in Denmark. SYBO strives to craft meaningful experiences that can be enjoyed by everyone, regardless of their skill. Their titles include Subway Surfers and Blades of Brim.
buyer parent: Tencent Holdings Ltd.
buyer: Miniclip
Miniclip, based in Switzerland, is a global leader in digital games with a mission of unleashing the gamer in everyone. The Company develops, publishes and distributes highly engaging games to an audience of over 250 million monthly active users across mobile, social and online platforms. "
target: SYBO ApS
SYBO is a mobile games studio in Denmark. SYBO strives to craft meaningful experiences that can be enjoyed by everyone, regardless of their skill. Their titles include Subway Surfers and Blades of Brim.
price ($mm)
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announced 6/17/2022 via BNC Analysis

Digital Bros S.p.A., will acquire D3 Go!

synopsis: Digital Bros, a video game developer and publisher based in Italy, will acquire D3 Go! from D3 Publisher, a Japanese video game developer and publisher. D3 Go! is a global publisher and developer of mobile games. Their games include Puzzle Quest: The Legend Returns, Alien: Blackout, Adventure Gnome, Word Designer: Country Home, and more.
buyer: Digital Bros S.p.A. (BIT:DIB:$118.16)
Digital Bros is a video game developer and publisher based in Italy. Digital Bros creates video games for all Consoles, PC, Mobile and Streaming platforms, and distributes them worldwide through digital and retail channels. Their games include Ghostrunner, Portal Knights, Gems of War, and more. "
target parent: BANDAI NAMCO Holdings, Inc.
target: D3 Go!
D3 Go! is a global publisher and developer of mobile games. D3 Go! is dedicated to creating the gaming best experiences for their players. Their games include Puzzle Quest: The Legend Returns, Alien: Blackout, Adventure Gnome, Word Designer: Country Home, and more.
price ($mm)
$1.50
rev ($mm)
$19
EBITDA ($mm)
EV / rev
0.3x
EV / EBITDA
announced 6/6/2022 via BNC Analysis

Cave Interactive, will acquire Deluxe Games Inc.

synopsis: Cave Interactive, a Japanese video game development studio, will acquire Deluxe Games, a video game development company in Japan. Deluxe Games focuses on developing mobile games that both adults and children can enjoy. Their titles include Monster Strike, Kingdom Ran: The Road to Unification, Manabimo! Asovenger!, and more.
buyer: Cave Interactive (TSE:3760:$12.86)
Cave Interactive is a Japanese video game development studio. Cave aims to create games that deliver fun and satisfying experiences. The company is known for their shoot ‘em up games such as the DoDonPachi series, Mushihimesama, and Deathsmiles. "
target: Deluxe Games Inc.
Deluxe Games is a video game development company in Japan. Deluxe Games focuses on developing mobile games that both adults and children can enjoy. Their titles include Monster Strike, Kingdom Ran: The Road to Unification, Manabimo! Asovenger!, and more.
price ($mm)
$38
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/3/2022 via Company Press Release

Animoca Brands, acquired Notre Game s.r.o.

synopsis: Animoca Brands, a mobile game developer in Hong Kong, has acquired Notre Game s.r.o., a game development and publishing company in the Czech Republic. Notre Game is focused on developing new and innovative mobile games. Their games include Scratch Wars, a hybrid collectible card game; and Scratch Lords, an NFT-based collectible card game.
buyer: Animoca Brands (ASX:AB1:$8.69)
Hong Kong-based Animoca Brands leverages gamification, blockchain, and AI technologies to develop and publish a broad portfolio of mobile products including games such as The Sandbox and Crazy Kings as well as products based on popular intellectual properties such as Garfield and Thomas & Friends. "
target: Notre Game s.r.o.
Notre Game is a game development and publishing company in the Czech Republic. Notre Game is focused on developing new and innovative mobile games. Their games include Scratch Wars, a hybrid collectible card game; and Scratch Lords, a purely digital NFT-based collectible card game.
price ($mm)
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announced 5/2/2022 via Company Press Release

Embracer Group, will purchase Crystal Dynamics, Eidos, and SE Montréal from Square Enix Co., Ltd.

synopsis: Embracer Group AB has entered into an agreement to acquire the development studios Crystal Dynamics, Eidos-Montréal, Square Enix Montréal, and a catalogue of IPs including Tomb Raider, Deus Ex, Thief, Legacy of Kain and more than 50 back-catalogue games from SQUARE ENIX HOLDINGS CO., LTD.
buyer: Embracer Group (OM:EMBRAC B:$14,212.40)
Based in Sweden, Embracer Group is the parent company of businesses developing and publishing PC, console, and mobile games for the global games market. The Group has an extensive catalogue of over 240 owned franchises, such as Saints Row, Goat Simulator, and Dead Island, amongst many others. "
seller: Square Enix Co., Ltd. (TSE:9684:$353,076.00)
The acquisition includes the development studios Crystal Dynamics, Eidos-Montréal, Square Enix Montréal, and a catalogue of IPs including Tomb Raider, Deus Ex, Thief, Legacy of Kain and more than 50 back-catalogue games from Square Enix, a Japanese entertainment conglomerate and video game company.
price ($mm)
$300
rev ($mm)
EBITDA ($mm)
EV / rev
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announced 4/21/2022 via Company Press Release

Gearbox Software, will acquire Lost Boys Interactive

synopsis: The Gearbox Entertainment Company will acquire Lost Boys Interactive, an independent video game studio working on both co-development for top-tier games and original intellectual property for PC and consoles. The acquisition will add more than 220 team members to Gearbox Entertainment, bringing Gearbox’s global headcount to approximately 1,300.
buyer parent: Embracer Group
buyer: Gearbox Software
Gearbox is an award-winning, developer and publisher of interactive entertainment. The company is known for its successful titles like Tiny Tina’s Wonderlands and game franchises including Borderlands and Brothers in Arms, as well as acquired properties Duke Nukem and Homeworld. "
target: Lost Boys Interactive
Lost Boys Interactive is an independent video game studio working on both co-development for top-tier games and original intellectual property for PC and consoles. The studio has worked on marquee global franchises such as Tiny Tina’s Wonderlands, Call of Duty, and PlayerUnknown’s Battle Grounds.
price ($mm)
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announced 4/20/2022 via BNC Analysis

Innova Intellectual Properties S.à r.l., will acquire Innova Intellectual Properties S.à r.l.

synopsis: The management of Innova Intellectual Properties S.à r.L. will acquire the company from Enad Global 7 AB (publ) (EG7), a global gaming cooperative. Innova is a leading video game publisher in Russia. Innova focuses on publishing free-to-play Massively Multiplayer Online Role-Playing Game (MMORPG) titles.
buyer: Innova Intellectual Properties S.à r.l.
Innova is a leading video game publisher in Russia. Innova focuses on publishing free-to-play Massively Multiplayer Online Role-Playing Game (MMORPG) titles. Their games include Lineage 2, Ragnarök Online, Point Blank, Aion, RF Online and more. The company also publishes indie mobile games. "
target parent: Enad Global 7 AB
target: Innova Intellectual Properties S.à r.l.
Innova is a leading video game publisher in Russia. Innova focuses on publishing free-to-play Massively Multiplayer Online Role-Playing Game (MMORPG) titles. Their games include Lineage 2, Ragnarök Online, Point Blank, Aion, RF Online and more. The company also publishes indie mobile games.
price ($mm)
$35
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 4/13/2022 via BNC Analysis

Aspyr Media, will acquire Beamdog Inc.

synopsis: Game developer Beamdog announced that it has entered a deal to be acquired by Aspyr Media, a subsidiary of Embracer Group. With the deal, Aspyr Media will acquire the studio's catalog of enhanced re-releases of older titles. Beamdog is a Canadian video game studio located in Edmonton, Alberta.
buyer parent: Embracer Group
buyer: Aspyr Media
Aspyr Media is an independent, full-service developer and publisher for the industry's leading games. They've helped nearly 200 games reach their next level across all platforms and beyond expectations. Aspyr got its start by bringing the biggest PC gaming franchises such as Call of Duty® to Mac. "
target: Beamdog Inc.
Beamdog is a Canadian video game studio located in Edmonton, Alberta. Founded by veteran game developers Trent Oster and Cameron Tofer, Beamdog has grown into one of the largest game studios in Alberta. Beamdog has brought Baldur’s Gate and Planescape: Torment back to life on desktop and tablets.
price ($mm)
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announced 4/13/2022 via PR Newswire

Planet Green Holdings Corp., will acquire Allinyson Ltd

synopsis: Planet Green Holdings Corp., a modern technology enterprise in China with holdings in a variety of markets, will acquire Allinyson Ltd., a video game development company incorporated in the State of Colorado and owns subsidiaries in Hong Kong and China. Allinyson develops and operates online games.
buyer: Planet Green Holdings Corp. (PLAG:$37.77)
Planet Green Holdings Corp. is a modern technology enterprise in China with holdings in a variety of markets. Planet Green Holdings Corp. nurtures its businesses with corporate principles of honesty, integrity, and innovation. Their companies are involved in tea production and SaaS solutions. "
target: Allinyson Ltd
Allinyson is a video game development company incorporated in the State of Colorado and owns subsidiaries in Hong Kong and China.. Allinyson develops and operates online games.
price ($mm)
$6.45
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/11/2022 via Market Watch

TinyBuild GAMES, acquired Demagic Games

synopsis: TinyBuild Inc., a video game development and publishing company with its HQ in Bellevue, WA, has acquired the 23-staff development team of Demagic Games, a video game developer based in Ukraine and Russia.
buyer: TinyBuild GAMES (AIM:TBLD:$37.76)
tinyBuild is a video game development and publishing company with its HQ in Bellevue, USA and a branch office in Hilversum, The Netherlands. They're known for titles such as Hello Neighbor, SpeedRunners, Graveyard Keeper, and many more. "
target: Demagic Games
Demagic Games is a video game developer with a 23-staff development team and is based in Ukraine and Russia.
price ($mm)
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closed 3/25/2022 via Company Press Release

NetFlix, acquired Boss Fight Entertainment

synopsis: Netflix has acquired Boss Fight Entertainment, an independent game development studio based in Allen, Texas. Founded in 2013, Boss Fight’s veteran team has produced some of the industry’s best-selling and most critically acclaimed games for mobile, social, PC, and consoles.
buyer: NetFlix (NFLX:$29,697.84)
Netflix is the world's leading Internet entertainment platform with 104 million members in over 190 countries enjoying more than 125 million hours of TV shows and movies per day, including original series, documentaries and feature films. Members can watch as much as they want, anytime and anywhere."
target: Boss Fight Entertainment
Boss Fight Entertainment is an independent game development studio based in Allen, Texas. Founded in 2013, Boss Fight’s veteran team has produced some of the industry’s best-selling and most critically acclaimed games for mobile, social, PC, and consoles.
price ($mm)
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closed 3/23/2022 via Company Press Release

Sony Interactive Entertainment LLC, acquired Haven Studios

synopsis: Haven Studios, a video game developer based out of Montreal, has been acquired by Sony Interactive Entertainment, which is responsible for the PlayStation brand.
buyer parent: Sony Corporation
buyer: Sony Interactive Entertainment LLC
Recognized as a global leader in interactive and digital entertainment, Sony Interactive Entertainment is responsible for the PlayStation® brand and family of products and services. PlayStation has delivered innovation to the market since the launch of the original PlayStation in Japan in 1994. "
target: Haven Studios
Haven Studios is a video game developer based out of Montreal. Their vision is to create a modern multiplayer experience that brings gamers together in positive and meaningful ways.
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closed 3/23/2022 via gamesindustry.biz

Tencent Holdings Ltd., acquired Tequila Works

synopsis: Tencent, a world-leading internet and technology company, has acquired a majority stake in Tequila Works, an independent game development studio in Spain. Tequila Works is dedicated to creating games that offer unique universes and deeply emotional narrative-driven experiences. Their titles include Rime, Gylt, The Sexy Brutale, and more.
buyer: Tencent Holdings Ltd. (SEHK:700:$83,589.72)
China-based Tencent uses technology to enrich the lives of Internet users. Their communications and social platforms connect users to each other, as well as to digital content and services such as games, video, music and literature. Their infrastructure services create differentiated offerings. "
target: Tequila Works
Tequila Works is an independent game development studio in Spain. Tequila Works is dedicated to creating games that offer unique universes and deeply emotional narrative-driven experiences. Their titles include Rime, Gylt, The Sexy Brutale, The Invisible Hours, and more.
price ($mm)
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closed 12/22/2021 via BNC Analysis

Keywords Studios, acquired Wicked Witch

synopsis: Keywords Studios has revealed that it has acquired Australian games development studio Wicked Witch. Founded in 2001, Melbourne-based Wicked Witch has provided game and graphic development support across multiple platforms including mobile. It has worked with both large publishers such as Microsoft and Riot Games and Australia-based developers.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Wicked Witch
Founded in 2001, Melbourne-based Wicked Witch has provided game and graphic development support across multiple platforms including mobile. It has worked with both large publishers such as Microsoft and Riot Games and Australia-based developers.
price ($mm)
$6.50
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/3/2022 via gamesindustry.biz

Keywords Studios, acquired Mighty Games

synopsis: Keywords Studios, the international technical and creative services provider to the global video games industry, has acquired Mighty Games, an independent games studio in Australia. Mighty Games specialises in making smart little mobile games that pack a big punch. The studio focuses on fun, casual, social games with story and charm.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Mighty Games
Mighty Games is an independent games studio in Australia. Mighty Games specialises in making smart little mobile games that pack a big punch. The studio focuses on fun, casual, social games with story and charm. Their titles include Piffle, Questy Quest, Shooty Skies, Charming Runes, and more.
price ($mm)
$4.10
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/8/2022 via Company Press Release

Keywords Studios, acquired Forgotten Empires

synopsis: Keywords Studios, the international technical and creative services provider to the global video games industry, has acquired Forgotten Empires, a full-service game development studio. Forgotten Empires specialises in the development of real time strategy games (RTS). Their games include the Age of Empires series and Age of Mythology.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Forgotten Empires
Forgotten Empires is a full-service game development studio. Forgotten Empires focuses on developing Windows PC games and specialises in the development of real time strategy games (RTS). Their games include the Age of Empires series and Age of Mythology.
price ($mm)
$18
rev ($mm)
$7
EBITDA ($mm)
EV / rev
4.5x
EV / EBITDA
closed 12/22/2021 via BNC Analysis

Keywords Studios, acquired Waste Creative

synopsis: Keywords Studios has acquired UK-based marketing agency Waste Creative. Based in London, Waste Creative provides services including community management for mobile game studios including Supercell, Nintendo, and Riot Games. They also offer services in design, strategy, and SEO.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Waste Creative
Based in London, Waste Creative provides services including community management for mobile game studios including Supercell, Nintendo, and Riot Games. They also offer services in design, strategy, and SEO.
price ($mm)
$2.92
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/22/2021 via BNC Analysis

Keywords Studios, acquired Wicked Witch

synopsis: Keywords Studios has revealed that it has acquired Australian games development studio Wicked Witch. Founded in 2001, Melbourne-based Wicked Witch has provided game and graphic development support across multiple platforms including mobile. It has worked with both large publishers such as Microsoft and Riot Games and Australia-based developers.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Wicked Witch
Founded in 2001, Melbourne-based Wicked Witch has provided game and graphic development support across multiple platforms including mobile. It has worked with both large publishers such as Microsoft and Riot Games and Australia-based developers.
price ($mm)
$6.50
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/12/2021 via BNC Analysis

Keywords Studios, acquired AMC RO STUDIO S.R.L.

synopsis: Keywords Studios, the international technical and creative services provider to the global video games industry, has acquired the entire issued share capital of AMC, a Romania-based leading 3D art and design studio focused on the video game industry.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: AMC RO STUDIO S.R.L.
AMC is a leading 3D art and design studio focused on the video game industry. Based in Bucharest, Romania and led by Cristina Neamtu, AMC enables its partners to realize their vision through creative 3D visual development and design across a range of game platforms.
price ($mm)
$3.29
rev ($mm)
$3
EBITDA ($mm)
$1
EV / rev
1.2x
EV / EBITDA
5.6x
closed 4/22/2021 via gamesindustry.biz

Keywords Studios, acquired Climax Studios

synopsis: Keywords Studios, an international technical and creative services provider to the global video games industry, has acquired Climax Studios, an independent AAA games company in the UK. Climax Studios has developed games for some of the biggest names in the world. The studio has worked on titles such as Crackdown 3, Dirt Rally 2.0, and more.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Climax Studios
Climax Studios is an independent AAA games company in the UK. Climax Studios has developed games for some of the biggest names in the world, including Microsoft, Sony, Konami and 2K Games. The studio has worked on titles such as Crackdown 3, Dirt Rally 2.0, Silent Hill: Origins and more.
price ($mm)
$37
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/18/2021 via gamesindustry.biz

Keywords Studios, acquired Tantalus Media

synopsis: Game services provider Keywords Studios has acquired a 85% interest in Tantalus Media, an Australian video game developer based in Australia. They were founded in 1994 and have worked on over 100 titles since, including Age of Empires, Cities Skylines, Mass Effect, and The Legend of Zelda: Twilight Princess.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Tantalus Media
Tantalus Media is an Australian video game developer based in Australia. They were founded in 1994 and have worked on over 100 titles since, including Age of Empires, Cities Skylines, Mass Effect, and The Legend of Zelda: Twilight Princess.
price ($mm)
$31
rev ($mm)
EBITDA ($mm)
$6
EV / rev
EV / EBITDA
7.8x
closed 12/17/2020 via Company Press Release

Keywords Studios, acquired Indigo Pearl

synopsis: Keywords Studios announced the acquisition of UK-based Indigo Pearl, a full-service PR agency specializing in Entertainment Technology PR. This covers all media fields associated with gadgets, tech, gaming, mobile, and downloadable content (DLC).
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Indigo Pearl
Indigo Pearl is a full-service PR agency specializing in Entertainment Technology PR. This covers all media fields associated with gadgets, tech, gaming, mobile, and downloadable content (DLC).
price ($mm)
$2.13
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/17/2020 via Company Press Release

Keywords Studios, acquired Jinglebell Communications

synopsis: Keywords Studios has announced the acquisition of Jinglebell Communications. Founded in 1981 and based in Milan, Italy, Jinglebell is a boutique recording studio that provides audio recording, music production and sound design for video games and advertisements.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Jinglebell Communications
Founded in 1981 and based in Milan, Italy, Jinglebell is a boutique recording studio that provides audio recording, music production and sound design for video games and advertisements.
price ($mm)
$2.13
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 12/15/2020 via Company Press Release

Keywords Studios, will acquire High Voltage Software

synopsis: Keywords Studios, an international technical and creative services provider to the global video games industry, will acquire High Voltage Software, an award-winning game developer that develops for all major platforms. High Voltage has worked on games in various genres, including first-person shooters, collectible card games, and platformers.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: High Voltage Software
High Voltage Software is a game developer that develops for all major platforms. High Voltage prides itself on creating high-quality interactive content and experiences. The studio has worked on games in various genres, including first-person shooters, collectible card games, and platformers.
price ($mm)
$34
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/25/2020 via BNC Analysis

Keywords Studios, acquired G-Net Media

synopsis: Services provider Keywords Studios acquired games marketing company G-Net Media. Based in Los Angeles, G-Net works with clients such as Activision, Bethesda, Bungie, and Microsoft, as well as companies outside of games such as Netflix, Amazon Prime, and NBC Universal.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: G-Net Media
G-Net Media is a games marketing company based out of Los Angeles. They work with clients such as Activision, Bethesda, Bungie, and Microsoft, as well as companies outside of games such as Netflix, Amazon Prime, and NBC Universal.
price ($mm)
$18
rev ($mm)
$16
EBITDA ($mm)
$2
EV / rev
2.0x
EV / EBITDA
14.5x
closed 9/18/2020 via BNC Analysis

Keywords Studios, acquired Heavy Iron Studios

synopsis: Services and software giant Keywords has acquired Heavy Iron Studios, an American video game developer based in Los Angeles, California. Founded back in 1999, the studio has worked on titles including the recently-launched Marvel's Avengers from Square Enix, Activision's Call of Duty and Disney Infinity.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Heavy Iron Studios
Heavy Iron Studios is an American video game developer based in Los Angeles, California. Founded back in 1999, the studio has worked on titles including the recently-launched Marvel's Avengers from Square Enix, Activision's Call of Duty and Disney Infinity.
price ($mm)
$4.50
rev ($mm)
$5
EBITDA ($mm)
$1
EV / rev
2.5x
EV / EBITDA
13.3x
closed 8/27/2020 via BNC Analysis

Keywords Studios, acquired Maverick Media Limited

synopsis: Keywords Studios, the international technical and creative services provider to the global video games industry, welcomes Maverick Media Limited, a premier video games creative marketing agency, to the Group. Maverick, based in London, is one of the longest established and most successful video games creative agencies in Europe.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Maverick Media Limited
Maverick, based in London and founded by Will Jeffry in 1995, is one of the longest established and most successful video games creative agencies in Europe. It has produced award-winning campaigns for some of the world's most prestigious games publishers, developers and brands.
price ($mm)
$4.70
rev ($mm)
$4
EBITDA ($mm)
$1
EV / rev
1.1x
EV / EBITDA
3.6x
closed 6/26/2020 via BNC Analysis

Keywords Studios, acquired Coconut Lizard

synopsis: Services giant Keywords Studios has bought Coconut Lizard, a company that provides expert development support to video games development companies, particularly those working with Unreal Engine. Coconut Lizard Ltd was incorporated in 2015 and is based in Gateshead, United Kingdom.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Coconut Lizard
Coconut Lizard provide expert development support to video games development companies, particularly those working with Unreal Engine. Coconut Lizard Ltd was incorporated in 2015 and is based in Gateshead, United Kingdom.
price ($mm)
$2.47
rev ($mm)
$2
EBITDA ($mm)
$0
EV / rev
1.3x
EV / EBITDA
5.7x
closed 12/18/2019 via Company Press Release

Keywords Studios, acquired Ichi Worldwide

synopsis: Keywords Studios, the go-to provider of technical and creative services to the global video games industry, has announced that it has acquired ICHI. Founded in 2009 and headquartered in London, ICHI provides a full suite of creative and marketing services to video game publishers and to the sports and entertainment sectors around the world.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Ichi Worldwide
Founded in 2009 and headquartered in London, ICHI provides a full suite of creative and marketing services to video game publishers and to the sports and entertainment sectors around the world.
price ($mm)
$4.34
rev ($mm)
$4
EBITDA ($mm)
EV / rev
1.1x
EV / EBITDA
closed 12/18/2019 via BNC Analysis

Keywords Studios, acquired Syllabes

synopsis: Keywords Studios, an international technical services provider to the global video games industry, has acquired Montreal-based Syllabes, a company that specializes in audio recording and casting services in French and English for the video games industry.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Syllabes
Montreal-based Syllabes specializes in audio recording and casting services in French and English for the video games industry.
price ($mm)
$0.36
rev ($mm)
$1
EBITDA ($mm)
EV / rev
0.7x
EV / EBITDA
closed 12/17/2019 via Company Press Release

Keywords Studios, acquired KantanMT.com

synopsis: Keywords Studios, the international technical and creative services provider to the global video games industry, has acquired KantanMT, a leading machine translation technology company in Ireland. KantanMT provides a SaaS based machine translation platform that enables users to develop and manage customized machine translation engines in the cloud.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: KantanMT.com
KantanMT.com is a leading machine translation technology company in Ireland. KantanMT provides a SaaS based machine translation platform that enables users to develop and manage customized machine translation engines in the cloud.
price ($mm)
$3.89
rev ($mm)
$1
EBITDA ($mm)
EV / rev
8.8x
EV / EBITDA
announced 9/19/2019 via Company Press Release

Keywords Studios, will acquire TV+SYNCHRON

synopsis: Keywords Studios, an international technical services provider to the global video games industry, will acquire TV+SYNCHRON (TVS), a veteran of the German dubbing and localization industry. Based in Berlin, Germany, TVS has more than 25 years of experience of dubbing and localizing content into German, working across a range of media and formats.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: TV+SYNCHRON
TV+SYNCHRON (TVS) is a veteran of the German dubbing and localization industry. Based in Berlin, Germany, TVS has more than 25 years of experience of dubbing and localizing content into German, working across a range of media and formats.
price ($mm)
$4.09
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/12/2019 via BNC Analysis

Keywords Studios, acquired Descriptive Video Works Inc

synopsis: Ireland’s Keywords Studios, an international technical services provider to the global video games industry, has acquired Descriptive Video Works, a Canadian company that provides audio description services for broadcast and streamed programming including films and series as well as live events.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Descriptive Video Works Inc
Headquartered in Canada, Descriptive Video Works provides audio description services for broadcast and streamed programming including films and series as well as live events such as the Olympics and Paralympics, for which it was the first company to provide real-time audio description.
price ($mm)
$2.41
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/24/2019 via Company Press Release

Keywords Studios, acquired Wizcorp

synopsis: Ireland's Keywords Studios, the international technical services provider to the global video games industry, has acquired Wizcorp, a Tokyo-based game development company focused on providing end-to-end services for games, including conception, development, production, and live operations.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target parent: Ankama
target: Wizcorp
Based in Tokyo, Japan, Wizcorp develops games mainly in the mobile space, with particular expertise in HTML5 and other mobile technologies. Wizcorp has provided game development as a service to Japanese publishers and developers including LINE, Square Enix, Avex and Yahoo Japan.
price ($mm)
$1.07
rev ($mm)
$3
EBITDA ($mm)
EV / rev
0.4x
EV / EBITDA
closed 3/9/2022 via Company Press Release

Lionbridge Technologies, Inc., acquired mouse-power GmbH

synopsis: Lionbridge Games, the premier video game globalization and publishing services partner, announced that it has acquired mouse-power, a full services video games voiceover and localization studio based in Berlin, Germany.
buyer parent: H.I.G. Capital
buyer: Lionbridge Technologies, Inc. (LIOX:$556.65)
Lionbridge is the world’s largest language services provider, offering leading translation and localization services and global marketing solutions. They help organizations achieve international success through customer service, advanced technologies, and a network of professional translators. "
target: mouse-power GmbH
mouse-power is a full services video games voiceover and localization studio based in Berlin, Germany. mouse-power is a leader in the German market with a stellar reputation for quality localization and audio work.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/17/2020 via Company Press Release

Keywords Studios, acquired Jinglebell Communications

synopsis: Keywords Studios has announced the acquisition of Jinglebell Communications. Founded in 1981 and based in Milan, Italy, Jinglebell is a boutique recording studio that provides audio recording, music production and sound design for video games and advertisements.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Jinglebell Communications
Founded in 1981 and based in Milan, Italy, Jinglebell is a boutique recording studio that provides audio recording, music production and sound design for video games and advertisements.
price ($mm)
$2.13
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/18/2019 via BNC Analysis

Keywords Studios, acquired Syllabes

synopsis: Keywords Studios, an international technical services provider to the global video games industry, has acquired Montreal-based Syllabes, a company that specializes in audio recording and casting services in French and English for the video games industry.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: Syllabes
Montreal-based Syllabes specializes in audio recording and casting services in French and English for the video games industry.
price ($mm)
$0.36
rev ($mm)
$1
EBITDA ($mm)
EV / rev
0.7x
EV / EBITDA
announced 9/19/2019 via Company Press Release

Keywords Studios, will acquire TV+SYNCHRON

synopsis: Keywords Studios, an international technical services provider to the global video games industry, will acquire TV+SYNCHRON (TVS), a veteran of the German dubbing and localization industry. Based in Berlin, Germany, TVS has more than 25 years of experience of dubbing and localizing content into German, working across a range of media and formats.
buyer: Keywords Studios (AIM:KWS:$512.20)
Ireland’s Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, software engineering, testing, localization, audio and customer care services to a blue-chip client base. "
target: TV+SYNCHRON
TV+SYNCHRON (TVS) is a veteran of the German dubbing and localization industry. Based in Berlin, Germany, TVS has more than 25 years of experience of dubbing and localizing content into German, working across a range of media and formats.
price ($mm)
$4.09
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 9/6/2019 via BusinessWire

TransPerfect Translations International, Inc., acquired MoGi Group

synopsis: TransPerfect, the world’s largest provider of language and technology solutions for global business, has acquired MoGi Group, a Dublin-based gaming solutions house recognized as a premier partner for studios, developers, and content owners in the gaming space. MoGi provides video game localization, community management, player support, and more.
buyer: TransPerfect Translations International, Inc.
TransPerfect is the world’s largest provider of language and technology solutions for global business. More than 5,000 global organizations employ TransPerfect’s GlobalLink Product Suite to simplify the management of multilingual content. The company is fully ISO 9001 and ISO 17100 certified. "
target: MoGi Group
Dublin-based MoGi Group provides world-class video game localization, community management, player support, quality assurance and games testing, voice-over recording, cybersecurity, tool development, art design, and age rating services to over 650 satisfied clients worldwide.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/9/2017 via BNC Analysis

Keywords Studios, acquired La Marque Rose, Asrec, Dune Sound and Around the Word

synopsis: Keywords Studios has acquired entertainment localisation business La Marque Rose SARL, video game localisation company Asrec SAS, and Dune Sound and Around the Word, both subsidiary companies of Dune Media SAS, which provides audio recording and localisation services for the video game industry.
buyer: Keywords Studios (AIM:KWS:$512.20)
Keywords Studios is an international technical services provider to the global video games industry. It provides integrated art creation, localisation, testing, audio and customer care services across 50 languages and 14 games platforms to a blue chip client base in more than 15 countries. "
target: La Marque Rose, Asrec, Dune Sound and Around the Word
La Marque Rose is an entertainment localisation business. Asrec SAS is a video game localisation company. Dune Sound and Around the Word, both subsidiary companies of Dune Media SAS, provide audio recording and localisation services for the video game industry. The companies are based in France.
price ($mm)
$7.76
rev ($mm)
$11
EBITDA ($mm)
EV / rev
0.9x
EV / EBITDA
closed 12/28/2016 via BNC Analysis

Keywords Studios, acquired Sonox

synopsis: Keywords Studios, the international technical services provider to the global video games industry, announces that it has acquired Sonox Audio Solutions. Sonox provides audio recording and localisation services to video game companies targeting Spanish and Latin American markets.
buyer: Keywords Studios (AIM:KWS:$512.20)
Keywords is an international technical service provider to the global Video Game Industry. With over 1,500 games passionate employees around the world, they provide a range of translation, testing, audio, customer care and art production services to Video Game Developers and Publishers alike. "
target: Sonox
Sonox is a dynamic, creative and experienced localization studio. They offer tailor-made solutions for audio engineering and localization for all kinds of projects, mainly video games and films. Sonox also provides professional translation and proofreading of texts.
price ($mm)
$0.68
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/17/2016 via BNC Analysis

Keywords Studios, acquired Enzyme Testing Labs Inc.

synopsis: Keywords Studios, the world’s leading technical services provider to the global video games industry, announced that it has acquired Enzyme Testing Labs. Based in St-Jerome, Quebec and with offices in Montreal and in Kawasaki, Enzyme’s strengths are in functional QA and localisation testing of video games for leading game publishers and developers.
buyer: Keywords Studios (AIM:KWS:$512.20)
Keywords is an international technical service provider to the global Video Game Industry. With over 1,500 games passionate employees around the world, they provide a range of translation, testing, audio, customer care and art production services to Video Game Developers and Publishers alike. "
target: Enzyme Testing Labs Inc.
Enzyme is a privately held, North-American based company, focused on video game Quality Assurance (QA). The organization has over ten years of experience in video game QA testing with offices in St-Jerome - Quebec, Montreal - Quebec and Kawasaki - Japan.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/13/2016 via BNC Analysis

Keywords Studios, acquired Synthesis International Srl

synopsis: Keywords Studios Plc, has acquired Synthesis, the largest Italian company offering video game localization. Synthesis has been translating video game hits for 15 years, always remaining true to the original text.
buyer: Keywords Studios (AIM:KWS:$512.20)
Keywords is an international technical service provider to the global Video Game Industry. With over 1,500 games passionate employees around the world, they provide a range of translation, testing, audio, customer care and art production services to Video Game Developers and Publishers alike. "
target: Synthesis International Srl
Synthesis was founded in Milan in 1995 and quickly became the largest Italian company offering video game localization. Synthesis has been translating video game hits for 15 years, always remaining true to the original text.
price ($mm)
$19
rev ($mm)
$19
EBITDA ($mm)
EV / rev
1.1x
EV / EBITDA
announced 3/25/2016 via Company Press Release

Pole To Win Co., Ltd., will acquire Entalize

synopsis: Pole To Win announced at a meeting of the board of directors that it will acquire Entalize. Entalize, based in Japan, has carried out the localization of several games. Entalize is a game localization company specializing in the localization of English-Japanese titles.
buyer: Pole To Win Co., Ltd. (TSE:3657:$208.93)
Pole To Win (PTW) is the world's outsourcing services provider for software, games, e-commerce, and more. Their wide range of services includes: Quality Testing, Quality Engineering, Translation and Localization, Customer Support, and Onsite Services. "
target: Entalize
Entalize is a game localization company specializing in the localization of English-Japanese titles.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 5/9/2014 via BNC Analysis

Keywords Studios, will acquire Binari Sonori

synopsis: Keywords Studios PLC, an international technical service provider to the global Video Game Industry, has agreed to acquire Binari Sonori. Binari Sonori is a provider of outsourced voice-over and translation services to the international video games market with operations in Milan, Italy and Los Angeles in the US.
buyer: Keywords Studios (AIM:KWS:$512.20)
Keywords is an international technical service provider to the global Video Game Industry with offices in Dublin, Tokyo, Seattle, Montreal and Rome. Working on a worldwide basis, they provide a range of linguistic, testing, and quality control services to Video Game Developers and Publishers alike. "
target: Binari Sonori
Binari Sonori is a global leader in localization, translation, and production of international contents for digital entertainment, with a strong focus and unparalleled qualifications in the localization of video games.
price ($mm)
$16
rev ($mm)
$14
EBITDA ($mm)
EV / rev
1.5x
EV / EBITDA
closed 1/7/2015 via BNC Analysis

Keywords Studios, acquired Reverb Localization

synopsis: Keywords Studios, the international technical services provider to the global video games industry, completed the acquisition of Reverb Localization. Founded in 2012 and based in Rio de Janeiro, Reverb provides localisation and audio management services for Brazilian Portuguese for leading games including World of Warcraft and Magic the Gathering.
buyer: Keywords Studios (AIM:KWS:$512.20)
Keywords is an international technical service provider to the global Video Game Industry. With over 1,500 games passionate employees around the world, they provide a range of translation, testing, audio, customer care and art production services to Video Game Developers and Publishers alike. "
target: Reverb Localization
Reverb Localization is a game & IT localization company located in Rio de Janeiro. With their highly qualified translators and high end translation tools, Reverb offers spotless translation & localization services. They have in-house translators and a freelancer pool of seasoned professionals.
price ($mm)
$0.24
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 10/18/2017 via PR Newswire

RWS Holdings plc, will acquire Moravia

synopsis: Moravia announced that RWS Holdings plc has signed a purchase agreement to acquire the Moravia IT Group companies. Based in the Czech Republic, Moravia is a globalization solution provider, enabling companies in the information technology, e-learning, and life sciences industries to enter global markets with high quality multilingual products.
buyer: RWS Holdings plc (AIM:RWS:$915.91)
Based in the UK, RWS is a leading provider of patent translations and one of the leading players in the provision of intellectual property support services and a market leader in life sciences translations and linguistic validation as well as a language service provider in other technical areas. "
target parent: Clarion Capital Partners, LLC
target: Moravia
Based in the Czech Republic, Moravia is a leading globalization solution provider, enabling companies in the information technology, e-learning, and life sciences industries to enter global markets with high quality multilingual products.
price ($mm)
$320
rev ($mm)
$159
EBITDA ($mm)
$27
EV / rev
2.0x
EV / EBITDA
11.8x
closed 2/16/2015 via PR Newswire

Clarion Capital Partners, LLC, acquired Moravia

synopsis: Moravia, a leading globalization solution provider, enabling companies in the information technology, e-learning, and life sciences industries to enter global markets with high-quality multilingual products, announced that Clarion Capital Partners, a New York-based middle market private equity firm, has acquired a majority interest in the company.
buyer: Clarion Capital Partners, LLC
Clarion Capital Partners, LLC is a private equity investment firm which seeks to make primarily control private equity investments in a diversified portfolio of middle-market companies. The firm focuses in industries such as Business, Healthcare, Financial, Consumer Products, Retail, and Media. "
target: Moravia
Moravia's services address the complex localization demands of leading global brands and fast-growing companies, primarily in the IT and life science industry sectors.
price ($mm)
rev ($mm)
$100
EBITDA ($mm)
EV / rev
0.0x
EV / EBITDA
closed 3/10/2019 via BNC Analysis

Morningside Translations, Inc., acquired Net-Translators

synopsis: Morningside, a leading translation services company, has acquired Net-Translators, a leading translation, localization, and multilingual testing company based in Isreal. Net-Translators helps medical-device manufacturers, software developers and hardware companies prepare their products and services for worldwide deployment.
buyer: Morningside Translations, Inc.
Morningside is a leading translation services company partnering with the Am Law 100 and Fortune 500 companies around the globe. Headquartered in New York City, they maintain a powerful global network of language consultants and legal professionals in over 100 languages and dialects. "
target: Net-Translators
Net-Translators is a leading translation, localization, and multilingual testing company based in Isreal. Net-Translators helps medical-device manufacturers, software developers and hardware companies prepare their products and services for worldwide deployment.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/10/2020 via Company Press Release

RWS Holdings plc, acquired Webdunia

synopsis: RWS Holdings Plc has informed about the acquisition of Webdunia. With over 600 employees, and offices in India, Thailand and the US, Webdunia is a leader in translation, localization and technology services to technology and digital companies in the Indian and North American markets.
buyer: RWS Holdings plc (AIM:RWS:$915.91)
Based in the UK, RWS is a leading provider of patent translations and one of the leading players in the provision of intellectual property support services and a market leader in life sciences translations and linguistic validation as well as a language service provider in other technical areas. "
target: Webdunia
With over 600 employees, and offices in India, Thailand and the US, Webdunia is a leader in translation, localization and technology services to technology and digital companies in the Indian and North American markets.
price ($mm)
$21
rev ($mm)
$14
EBITDA ($mm)
$3
EV / rev
1.5x
EV / EBITDA
6.8x
announced 10/25/2017 via BNC Analysis

Keywords Studios, will acquire VMC Consulting Corporation

synopsis: Technical services provider Keywords Studios is set to buy QA and customer support provider VMC from owner Volt Information Sciences. VMC provides functional testing, customer support and localization services both in and outside of the games industry.
buyer: Keywords Studios (AIM:KWS:$512.20)
Keywords Studios is an international technical services provider to the global video games industry. They provide integrated art production, localization, testing, audio, player support and engineering services across 50 languages and 14 game platforms to blue chip clients in over 18 countries. "
target parent: Volt Information Sciences, Inc.
target: VMC Consulting Corporation
VMC combines technical expertise and vigilant dedication to deliver unmatched development, QA, localization, and technical support services. VMC serves as a seamless extension of their client's team to improve product quality, accelerate productivity, and maximize customer satisfaction.
price ($mm)
$66
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 7/1/2021 via BusinessWire

Lionbridge Technologies, Inc., acquired Rocket Sound LLC

synopsis: Lionbridge, the premier video game globalization and publishing services partner, has acquired Rocket Sound, an elite provider of sound services for video games and other media. They offer industry-leading facilities and a team with many decades of experience reliably supporting high-stakes projects with demanding artistic and technical needs.
buyer parent: H.I.G. Capital
buyer: Lionbridge Technologies, Inc. (LIOX:$556.65)
Lionbridge is the world’s largest language services provider, offering leading translation and localization services and global marketing solutions. They help organizations achieve international success through customer service, advanced technologies, and a network of professional translators. "
target: Rocket Sound LLC
Rocket Sound is an elite provider of sound services for video games and other media. Founded in 2013, they offer industry-leading facilities and a team with many decades of experience reliably supporting high-stakes projects with demanding artistic and technical needs.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/10/2020 via Company Press Release

RWS Holdings plc, acquired Iconic Translation Machines

synopsis: RWS Holdings plc, one of the world’s leading language, intellectual property support services and localization providers, announces the acquisitions of Iconic Translation Machines, Ltd. Iconic Translation Machines is a multi-award winning Neural Machine Translation provider who specialises in bespoke solutions for enterprise users.
buyer: RWS Holdings plc (AIM:RWS:$915.91)
Based in the UK, RWS is a leading provider of patent translations and one of the leading players in the provision of intellectual property support services and a market leader in life sciences translations and linguistic validation as well as a language service provider in other technical areas. "
target: Iconic Translation Machines
Iconic Translation Machines is a multi-award winning Neural Machine Translation provider who specialises in bespoke solutions for enterprise users. Iconic helps the world’s largest enterprises to adopt bespoke, secure AI-powered translation solutions.
price ($mm)
$10
rev ($mm)
$1
EBITDA ($mm)
$0
EV / rev
16.7x
EV / EBITDA
869.6x
closed 11/20/2019 via BNC Analysis

TransPerfect Translations International, Inc., acquired Chulengo

synopsis: TransPerfect, the world’s largest provider of language and technology solutions for global business, has acquired Chulengo, an Argentina-based localization and post-production company. They have been working in the industry for more than six years now, for clients from all over the world.
buyer: TransPerfect Translations International, Inc.
TransPerfect is the world’s largest provider of language and technology solutions for global business. From offices in over 90 cities on six continents, TransPerfect offers a full range of services in 170+ languages to clients worldwide. "
target: Chulengo
Chulengo is an Argentina-based localization and post-production company. They have been working in the industry for more than six years now, for clients from all over the world.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA

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Ichi Worldwide

Syllabes

KantanMT.com

TV+SYNCHRON

Descriptive Video Works Inc

Wizcorp

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mouse-power GmbH

Jinglebell Communications

Syllabes

TV+SYNCHRON

MoGi Group

La Marque Rose, Asrec, Dune Sound and Around the Word

Sonox

Enzyme Testing Labs Inc.

Synthesis International Srl

Entalize

Binari Sonori

Reverb Localization

Moravia

Moravia

Net-Translators

Webdunia

VMC Consulting Corporation

Rocket Sound LLC

Iconic Translation Machines

Chulengo

Geography
Matching Companies
Ticker: KNM
 
 
 
 
 
 
 
 
Konami Corporation
Konami Corporation
Konami Corporation develops, publishes, markets, and distributes video game software products for stationary and portable consoles, as well as for use on personal computers. It operates in three segments: Digital Entertainment, Gaming & Systems, and Health & Fitness.
year
2012
rev ($mm)
$265,758.00
EBITDA ($mm)
$51,370.00
EBIT ($mm)
$41,292.00
Net Income ($mm)
$23,012.00
Employees
5362
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Ticker: SEHK:700
 
 
 
 
 
 
 
 
Tencent Holdings Ltd.
Tencent Holdings Ltd.
Tencent Holdings Limited is an investment holding company involved in providing internet and mobile value-added services (VAS), online advertising services and e-commerce transactions services
year
2021
rev ($mm)
$83,589.72
EBITDA ($mm)
$26,174.19
EBIT ($mm)
$18,482.87
Net Income ($mm)
$33,551.52
Employees
116213
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Ticker: TSE:7974
 
 
 
 
 
 
 
 
Nintendo
Nintendo
Nintendo Co., Ltd. is a Japanese multinational consumer electronics company headquartered in Kyoto, Japan. Nintendo is the world's largest video game company by revenue.
year
2020
rev ($mm)
$15,905.43
EBITDA ($mm)
$5,443.81
EBIT ($mm)
$5,349.32
Net Income ($mm)
$3,988.30
Employees
6200
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Ticker: OM:EMBRAC B
 
 
 
 
 
 
 
 
Embracer Group
Embracer Group
Embracer Group is a Swedish video game holding company. Embracer Group is the parent company of THQ Nordic, Koch Media and Coffee Stain. The Group has an extensive catalogue of over 130 owned franchises, such as Saints Row, Goat Simulator, Dead Island, Darksiders, Metro, MX vs ATV, and more.
year
2022
rev ($mm)
$14,212.40
EBITDA ($mm)
$5,955.90
EBIT ($mm)
($1,724.30)
Net Income ($mm)
Employees
0
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Ticker: NTES
 
 
 
 
 
 
 
 
NetEase, Inc.
NetEase, Inc.
NetEase, Inc. is a leading internet technology company in China. Dedicated to providing online services centered around content, community, communication and commerce, NetEase develops some of China’s most popular PC-client and mobile games, e-commerce businesses, advertising and e-mail services.
year
2019
rev ($mm)
$10,750.03
EBITDA ($mm)
$1,998.42
EBIT ($mm)
$1,637.88
Net Income ($mm)
$1,273.77
Employees
23687
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Ticker: ATVI
 
 
 
 
 
 
 
 
Activision Blizzard
Activision Blizzard
Activision Blizzard, Inc., a member of the S&P 500, is the world's most successful standalone interactive entertainment company. Activision Blizzard develops and publishes games based on some of the most beloved entertainment franchises, including Call of Duty, Guitar Hero, and World of Warcraft.
year
2022
rev ($mm)
$8,803.00
EBITDA ($mm)
$3,776.00
EBIT ($mm)
$3,336.00
Net Income ($mm)
Employees
0
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Ticker: NasdaqGS:EA
 
 
 
 
 
 
 
 
Electronic Arts Inc.
Electronic Arts Inc.
Electronic Arts (EA) is a global leader in digital interactive entertainment. The Company develops and delivers games, content and online services for Internet-connected consoles, mobile devices and personal computers. EA has more than 300 million registered players around the world.
year
2021
rev ($mm)
$5,629.00
EBITDA ($mm)
$1,227.00
EBIT ($mm)
$1,046.00
Net Income ($mm)
$837.00
Employees
9800
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Ticker: TTWO
 
 
 
 
 
 
 
 
Take-Two Interactive Software, Inc.
Take-Two Interactive Software, Inc.
Take-Two Interactive Software develops and distributes games for PCs, as well as for Sony PlayStation, Nintendo, and SEGA game consoles. The company has distribution operations in Australia, North America, Europe, Scandinavia, and the UK. Other titles include Fly!, Earthworm Jim 3-D, and Darkstone.
year
2023
rev ($mm)
$3,504.80
EBITDA ($mm)
$763.32
EBIT ($mm)
$484.03
Net Income ($mm)
Employees
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Ticker: SGAMY
 
 
 
 
 
 
 
 
Sega Sammy Holdings Inc.
Sega Sammy Holdings Inc.
The SEGA SAMMY Group is involved in a wide range of business operations, encompassing Sammy’s pachislot and pachinko machine business; entertainment contents business focused on SEGA Group’s digital game business; and resort business, which is represented by the development and operation of hotels.
year
2019
rev ($mm)
$3,024.74
EBITDA ($mm)
$300.70
EBIT ($mm)
$110.24
Net Income ($mm)
$24.10
Employees
7726
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Ticker: TSE:3659
 
 
 
 
 
 
 
 
NEXON Co., Ltd.
NEXON Co., Ltd.
Based in Japan, NEXON Co. is a global leader in online games, with more than 100 live games operated across more than 190 countries. Nexon pioneered micro-transactions and the free-to-play business model, and is widely credited with unmatched global expertise in sophisticated live game operations.
year
2019
rev ($mm)
$2,372.01
EBITDA ($mm)
$1,035.14
EBIT ($mm)
$970.78
Net Income ($mm)
$1,059.35
Employees
6441
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Ticker: KOSE:A251270
 
 
 
 
 
 
 
 
Netmarble
Netmarble Games Corp. strives to entertain audiences of all ages, and around the world, by providing great mobile gaming experiences. Established in Korea in 2000, Netmarble is the fastest-growing mobile game company in Asia and consistently ranks as a top mobile developer and publisher worldwide.
year
2021
rev ($mm)
$2,001.98
EBITDA ($mm)
$245.18
EBIT ($mm)
$150.44
Net Income ($mm)
$195.54
Employees
789
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Ticker: ENXTPA:UBI
 
 
 
 
 
 
 
 
Ubisoft Entertainment S.A.
Ubisoft Entertainment S.A.
Ubisoft is a leading producer, publisher and distributor of interactive entertainment products worldwide and has grown considerably through a strong and diversified line-up of products and partnerships.
year
2019
rev ($mm)
$1,959.78
EBITDA ($mm)
($11.18)
EBIT ($mm)
$138.09
Net Income ($mm)
Employees
15913
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Ticker:
 
 
 
 
 
 
 
 
KRAFTON, Inc.
KRAFTON, Inc.
KRAFTON is a South Korean game development company. KRAFTON creates games for PC and mobile devices through it's various game studios. They are best known for PUBG: BATTLEGROUNDS, a battle royal shooter. The company also develops and publishes MMORPGs and mobile games.
year
2021
rev ($mm)
$1,504.48
EBITDA ($mm)
$628.88
EBIT ($mm)
$577.28
Net Income ($mm)
$465.17
Employees
1487
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Ticker: TSE:3632
 
 
 
 
 
 
 
 
Gree, Inc.
Gree, Inc.
GREE develops games at its studios in Japan, North America, and South Korea, producing high-ranking titles in the app markets of each region. The company was founded in 2004.
year
2018
rev ($mm)
$703.90
EBITDA ($mm)
$97.60
EBIT ($mm)
$85.11
Net Income ($mm)
$42.53
Employees
1416
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Ticker: SEHK:777
 
 
 
 
 
 
 
 
NetDragon WebSoft Inc.
NetDragon WebSoft Inc.
NetDragon Websoft Inc. is a leading innovator and creative force in China's online gaming and mobile internet industries. NetDragon offers many well-known mobile Internet products and services, including 91 Assistant, HiMarket, 91 Launcher,91 Panda Reader,sj.91.com and www.hiapk.com.
year
2017
rev ($mm)
$615.68
EBITDA ($mm)
$29.42
EBIT ($mm)
($7.39)
Net Income ($mm)
Employees
6446
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Ticker: AIM:KWS
 
 
 
 
 
 
 
 
Keywords Studios
Keywords Studios
Keywords is an international technical service provider to the global Video Game Industry. With over 1,500 games passionate employees around the world, they provide a range of translation, testing, audio, customer care and art production services to Video Game Developers and Publishers alike.
year
2022
rev ($mm)
$512.20
EBITDA ($mm)
$87.71
EBIT ($mm)
$51.89
Net Income ($mm)
Employees
0
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Ticker: TSE:3676
 
 
 
 
 
 
 
 
Digital Hearts Co., Ltd.
Digital Hearts Co., Ltd.
Digital Hearts is a global quality assurance and localization company that specializes in digital content. Digital Hearts provides testing, debugging, and localization services for video games on all platforms.
year
2021
rev ($mm)
$208.08
EBITDA ($mm)
$21.31
EBIT ($mm)
$17.52
Net Income ($mm)
$8.94
Employees
1330
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Ticker: TSE:3657
 
 
 
 
 
 
 
 
Pole To Win Co., Ltd.
Pole To Win Co., Ltd.
Pole To Win (PTW) is the world's outsourcing services provider for software, games, e-commerce, and more. Their wide range of services includes: Quality Testing, Quality Engineering, Translation and Localization, Customer Support, and Onsite Services.
year
2018
rev ($mm)
$208.93
EBITDA ($mm)
$26.84
EBIT ($mm)
$21.12
Net Income ($mm)
$10.31
Employees
1356
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