M&A strategy delivering value
Keywords’ trading update adds further evidence to support our view that it continues to create value from its ongoing buy-and-build strategy. The most recent of its acquisitions was Volta Creation at the end of July, a deal that takes Keywords into the concept art market. Previous acquisitions are reported to be performing well, with Synthesis (its largest to date) singled out as being particularly successful. We believe that the trading update supports our existing revenue and profit forecasts. However, we have slightly upgraded our estimates to reflect the impact of the Volta acquisition, which is expected to be accretive from year one.Keywords 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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