Game service provider Keywords has been splashing the cash again, this time picking up art asset specialist Strongbox for $6 million.
The deal will see Keywords shell out $4.4 million in cash and pay the remainder via the issue of 160,842 shares.
Keywords purchased Strongbox, which operates in China and Indonesia under the Red Hot CG brand, to increase the capacity of its art service line and bring new clients to the business.
Red Hot’s management team will remain with the company and continue to run the Shanghai-based business, while working with other art studios within the group.
“The acquisition of Red Hot further strengthens our fast growing, higher margin art services business, enhancing our unique client proposition which combines operations close to our clients in the US and Canada with those in lower cost locations across Asia.” said Keywords CEO, Andrew Day.
Just last week Keywords moved into the world of software engineering with the undisclosed purchase of GameSim. Prior to that, the company nabbed localization expert XLOC for $900,000.
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2017