Keywords Studios (KWS); completes acquisition of Snowed In Studios

Published on 20-07-2018 07:33:04
Author Sparks Team

KWS has acquired Snowed In Studios from its owners Jean-Sylvain Sormany, Tim Vito and Evan Hahn for a total consideration of up to CAD$4m.

KWS is paying an initial CAD$2.67m in cash and will issue 37,983 new ordinary shares in KWS to the sellers on the first anniversary of the acquisition, which will then be subject to orderly market provisions for a further 12 months. Further consideration of up to CAD$0.2m will be payable in cash to the sellers 18 months after the acquisition.

Founded in 2010, Snowed In Studios is based in Ottawa, Canada, and offers engineering and co-development services to the video-games industry.

For the financial year ended 31 January 2018, Snowed In Studios achieved EBITDA of CAD$0.8m from revenue of CAD$2.4m.

Andrew Day, KWS’ CEO, commented: “The addition of Snowed In to the group will add strength and scale to our recently established engineering service line and enable Snowed In to take advantage of the group’s very strong presence in the region to support its growth. Having grown the engineering service line from nothing in May 2017, we now employ over 300 software engineers in multiple regions, and I am delighted that Jean-Sylvain, Tim, Evan and their highly talented and creative team are joining the group as we continue to grow.”

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