Keywords Studios, the technical services provider to the video games industry, has acquired Fire Without Smoke Ltd for up to £5.2m.
Headquartered in London and with a studio in Montreal, Fire Without Smoke provides a suite of creative and marketing services to game publishers and developers, creating assets such as game trailers, marketing art and materials for esports events, and providing marketing consultancy and general design services to the video game industry.
Founded in 2013, Fire Without Smoke works with major game publishers such as Sony, Square Enix, Riot Games, Deep Silver, Sega, Capcom and Ubisoft. The company has around 40 staff working in London and Montréal
Keywords Studios is acquiring the business from the founders Will O’Connor, Michael David Thomson plus other shareholders. Will O’Connor will continue as Managing Director. David Thomson and the the rest of the team, will also remain with the business.
For the year ending 31 May 2018, Fire Without Smoke is expected to have revenues of £2.8 million and adjusted profits before tax of £0.7 million. Keywords Studios is paying £3.85 million in cash, £0.5m of which is deferred until the first anniversary of the acquisition and subject to performance targets, and the issue of 77,006 new ordinary shares in Keywords Studios, which will be issued to the Sellers on the first anniversary of the acquisition and will then be subject to orderly market provisions for a further 12 months.
Andrew Day, CEO of Keywords Studios commented: “Fire Without Smoke’s specialised offering represents an excellent addition to the Group’s existing capabilities and adds some exciting new services to our global service platform. Their high end video game trailers expertise will be of great interest to Keywords’ large client base, as will their broad suite of creative services, which range from marketing strategy to providing marketing content for events including esports tournaments, which can play a significant role in influencing the success of event and game launches.
Ireland, Dublin & UK, London & Canada, Montréal
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