Irish video games firm buys German dubbing company
Irish video games company Keywords Studios has bought a German audio dubbing company for £3.28m (€3.7m) in cash and shares and reported strong growth in its first-half revenue and profits.
Its acquisition of Berlin-based TV+Synchron (TVS) - which has been dubbing films, TV shows and video games for 25 years and includes HBO, Amazon, Cartoon Network and Warner Bros among its clients - will more than double Keywords' existing ability to localise games and other content for the German gaming market.
The deal, which is expected to close by October 1, involves £2.5m (€2.8m) in cash on completion and £0.8m (€0.9m) through the issue of new ordinary shares in Keywords to existing TVS shareholders 12 months later. "This acquisition is an important milestone in the development of our audio services in Europe," said Keywords chief operating officer, Giacomo Duranti.
"Germany is one of the two largest markets for voice-over and dubbing in Europe, together with France, where Keywords already has an unparalleled offering.
"The integration of TVS into the group will create a market-leading provider of services for German localised video games."
Keywords said revenue rose by 39.3% to £137.2m (€153.2m) in the first six months of 2019, while adjusted profit before tax rose by 14.3% to £16.3m (€18.4m).
Like-for-like revenue, which factors out the impact of four acquisitions over the past year, rose by 17.3% to £130m (€146.4m).
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The company said many of its clients - which include 23 of the world's top 25 video game makers - are increasingly relying on outsourced talent.
Keywords said it already was investing in 1,400 new work stations in its existing global studio network, with plans to expand staff by around 25pc at studios in Montreal, Katowice, Poland, Manila, Brighton, England, Mexico City, Tokyo, New Delhi and Sao Paolo, Brazil. "Trading in the second half has started well," said chief executive Andrew Day.