Keywords Studios acquires Waste Creative, Wicked Witch Software

Video games services providers Keywords Studios has acquired two more companies, snapping up Waste Creative and Wicked Witch Software.

The company said it would pay up to £9.8 million (€11.56 million) for digital creative marketing agency Waste Creative. The UK-based company provides strategy and creative production services for mobile video game creators such as Supercell, Nintendo and Riot Games. The company is set to generate £6 million in revenue in the current financial year, which ends on June 30th, 2022.

The price tag includes an initial consideration of £2.2 million in cash and shares, with up to £7.6 million payable dependent on the performance of the business over the three years following the deal’s completion.

Founders Visar Statovci and Mike Petricevic will stay on with the business, along with the company's 70-person team.

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"Games as a service marketing support with a focus on community growth and fan retention are areas of increasing importance to our clients, and Waste Creative will help us meet that growing demand and provide them with extensive and more integrated marketing solutions," said Keywords chief executive Bertrand Bodson.

The acquisition of Australian game development studio Wicked Witch for $6.5 million (€5.76 million) will help Keywords’ expansion strategy in the region. The 73-person studio has a track record in video game and graphic application development on a range of platforms, and is forecast to generate revenue of $6 million in 2022.

This is the second acquisition for Keywords in Australia in 2021.

“Wicked Witch’s skilled and talented team is a great addition to our game development service line and will increase our ability to meet clients’ strong demand for technical development solutions,” Mr Bodson said.