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Keywords Studios Acquires Game Development Provider Coconut Lizard for Up to GBP 2m
Monday 29 June 2020

UK-based technical services provider Keywords Studios plc, serving the video games industry, has acquired UK-based specialised game development provider Coconut Lizard Ltd. for up to GBP 2m (USD 2.47m), the company said.

Keywords will pay non contingent consideration of GBP 1.35m (USD 1.67m), comprising GBP 0.99m (USD 1.22m) in cash and the remainder through the issue of 19,739 new ordinary shares to the sellers, Robert Troughton and members of the wider team, on the first anniversary of completion. The remaining consideration of up to GBP 0.65m (USD 0.80m) will become payable to the sellers, in a mixture of cash and shares, based upon performance targets for Coconut Lizard over the first 12 months post completion.

The acquisition expands expertise in the game development sector.

Keywords Studios is an international technical services provider to the global video games industry.

Established in 1998, and now with 59 facilities in 21 countries strategically located in Asia, the Americas and Europe, it provides integrated art creation, marketing services, software engineering, testing, localisation, audio and customer care services across more than 50 languages and 16 games platforms to a blue-chip client base of over 950 clients across the globe.

Coconut Lizard is a provider of game development engineering services with expertise in the video game development engine, Unreal Engine.
Date Published: 29/06/2020