Update: Art services acquisition – getting the picture
Keywords Studios’ recently announced purchase of outsourced art service provider Liquid Development marks another milestone in the company’s aim to become the primary provider of outsourced video game services. Art services is Keywords’ highest-margin service vertical and the deal will almost double its exposure to this area from 14% of group revenues to 22%. We believe that the purchase price of 6x PBT is attractive for an already profitable, growing business that will be accretive to earnings in its first full financial year.vKeywords Studios is a technical services provider to the video games industry. Co.'s segments include: Localization Services, which relate to translation and cultural adaptation of in-game text and audio scripts; Localization Testing, which includes testing of linguistic correctness and cultural acceptability of computer games; Audio/Voiceover Services, which relate to audio production process for computer games; Functional Testing, which relates to quality assurance services provided to game producers; Art Creation Services, which relate to the production of graphical art assets for inclusion in the video game; and Customer Support, which relates to the live operations support services.
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