Keywords Studios buys Forgotten Empires for $32.5m

Based in Ohio in the US, Forgotten Empires has a team of 53 game developers. The firm generated revenue of $7.2m in 2021 and is expected to grow strongly in the current year, Keywords added.

Keywords Studios will pay a maximum amount of $32.5m, comprised $15.75m up front, the equivalent of $3.75m in new ordinary shares to be issued one year post completion, and up to $13m in cash and stock depending on growth targets being met over the year following completion.

In a separate statement, Keywords said it had made a positive start to the 2022 year with strong organic revenue growth in the first four months and expected annual results to be in line with expectations.