Keyword Studios acquires Seattle-based Hardsuit Studios for up to $15m

Dublin-based Keywords Studios has acquired US game development studio Hardsuit in a deal worth up to $15 million (€13.7 million).

Keywords, which provides technical and creative services provider to the global video games and entertainment industries, said it would pay an initial consideration of $8.25 million in cash and new ordinary shares. A further $6.75 million could be paid out if growth targets are met in the two years following the completion of the deal.

Hardsuit, which employs 70 people, provides external development, co-development, and porting services. Founded in 2015 by Andy Kipling and Russell Nelson, its previous projects include Activision’s Call of Duty and Crash Bandicoot. In 2022, it had revenues of approximately $11 million.

“Hardsuit is a high-quality studio that works on some of the world’s largest franchises, and we are excited to welcome Andy, Russell and their team to Keywords,” said Bertrand Bodson, chief executive of Keywords Studios.

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“The business is a great fit for our Create service line and strengthens our existing offering for some of the strongest intellectual properties in digital entertainment.”

This is Keywords’ first game development studio in Seattle, but it has several existing and potential clients there.

Following the completion of the deal, Mr Kipling and Mr Nelson will continue to lead the business. The founders welcomed the deal, saying it would start the next phase of its growth.

“As the largest player in the industry, Keywords will provide us with a strong foundation and deliver opportunities for us to do more for our clients and franchises,” they said. “We believe Keywords has a very similar people-focused and tech-savvy entrepreneurial culture and are excited to get started on delivering against our future growth opportunities.”