Keywords Studios of Ireland takes over RO game developer AMC for EUR 2.8 mln

Keywords Studios, an Ireland-based international technical and creative services provider to the global video games industry, on August 12 announced the acquisition of AMC, an art creation studio located in Eastern Europe, in a transaction that values the Romanian company at EUR 2.8 mln.

The acquisition furthers Keywords’ strategy to become the ‘go-to’ technical and creative services platform for the global video games industry, adding significant talent and experience to Keywords’ art service line and establishing its presence in Eastern Europe.

Keywords Studios will pay EUR 2 mln in cash in exchange for the entire share capital of AMC Romania, plus the equivalent of EUR 800,000 in own shares, which will be issued one year after the completion of the transaction. AMC Romania reported revenues of EUR 2.3 mln in 2020 and an operating profit of EUR 500,000. This year, AMC aims to reach EUR 3 mln in revenues.

Founded in 2009 and based in Bucharest, AMC is a specialist art studio servicing both US and European clients. The studio has team of 63 people, led by Studio Head Cristina Neamtu. It focuses primarily on characters, environment, buildings, vehicle and weapons assets in a variety of styles including realistic 3D, photo-realistic 3D, stylized 2D and illustration.

AMC works for large publishers and developers including Activision, 2K, CD Projekt Red, Wargaming, Zynga and others on major franchises including Call of Duty, World of Tanks, Spider Man, Mafia and Planet of the Apes. Cristina Neamtu and the AMC team will remain with the business.

"We are thrilled to join the Keywords group and we are looking forward to the opportunities that being part of an industry-leading global business will open up to our clients and our team. Being part of the Keywords group will facilitate accelerated growth and the investment and support will enable us to grow the team and facilitate the delivery of larger projects to a wider client base," said Cristina Neamtu, CEO & Co-founder AMC.

"We are excited by the expertise and experience that AMC will bring to our art service line and by the growth opportunities for the service line as well as for Keywords' wider business in the region," commented Jon Hauck, Joint Interim CEO of Keywords Studios.

He added: "The studio's excellent track record and reputation for high quality work for over 12 years is extremely impressive. We are looking forward to helping AMC to grow further as part of the Group and to being able to offer AMC's high quality work to our client base."