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Tech Capital
Market: AIM
52-week High/Low: 1,946.00p / 795.00p
Sector: Technology Hardware & Equipment
Market Cap: 1,179.60M

Keywords is an international technical service provider to the global Video Game Industry with studios in Dublin, London, Barcelona, Milan, Rome, Tokyo, Singapore, Shanghai, New Delhi, Pune, Montreal, Seattle, Los Angeles and Rio de Janeiro. With over 1,500 games passionate employees around the world, we provide a range of translation, testing, audio, customer care and art production...

Keywords Studios PLC

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Big picture - Why invest in Keywords Studios PLC

Keywords Studios PLC Snapshot

Keywords Studios is the leading international technical services provider to the global video games industry. Established in 1998, and now with delivery facilities in over 39 locations in 18 countries and 4 continents, Keywords is the leading consolidator in a highly-fragmented market for outsourced services worth, we believe, over $2.5bn annually.

Keywords provides a range of services to leading video game developers and publishers. Usually operating under framework agreements, our clients can easily award work to us, project after project, for a single service or multiple services, for a specific geography or globally.

We work for most of the world’s leading video game companies and we provide services for most of the world’s leading game titles, be they console games, PC, mobile or online games.

Mostly operating under framework agreements with our clients, we provide our services on a time and materials basis, billing in the month for the work done in the month.

We are structured in globally managed services lines which are supported by regional and country based general management teams. We currently have 7 service lines that provide support to our clients at various stages along the lifecycle of games from concept to live operations support:

Art Services – we are a leading producer of graphical art assets including characters, monsters, vehicles, buildings, landscapes, outfits, weapons and tools on behalf of game developers
Engineering – we are at the early stages of building a software support services business to provide co- development, game porting, and troubleshooting support for games
Audio Services – we are the leaders in voice recordings used in games, a service that includes script adaptation, actor selection, voice recording and post production
Functionality QA – we test games for defects and compliance with console specifications
Localization – we lead the world in video game translation and cultural adaption including age rating support across different hardware platforms
Localization QA – we test that the translated text and voice over audio fits the games context and is culturally sensitive
Player Support – video games are increasingly a live service and we provide support direct to gamers on behalf of game companies

The global market for video game software is $109bn and is forecast to grow to $129bn by 2020 *. The Group believes that there is a fundamental imbalance between very large, global games companies and the many hundreds of small, highly specialised service companies that support them territory by territory.

We believe that games companies will outsource further as they seek to remain lean and agile to adapt to a fast moving and complex environment whilst focusing on their core capabilities of developing games. As international demand for video games rises, Keywords believes it can build on its existing strong reputation in the industry by demonstrating that it has the breadth of geographical footprint, capacity and expertise for leading games companies to outsource to Keywords in a deeper and more strategic manner.

While continuing to deliver strong organic growth, the Group is playing a leading role in the consolidation of the highly-fragmented games services industry through selective acquisitions of complementary businesses. We believe that there is clear opportunity for Keywords to build on its existing relationships with many of the major games companies by extending its services offering and geographical footprint to create an integrated, global video games services platform.

Video games are the most interactive of all content types creating complexity in production and support that requires specific expertise. In mastering these challenges, Keywords believes it is well placed to benefit from a broader trend of many different types of content becoming more interactive. Gamification of learning materials is well documented and virtual and augmented reality, in particular, are being used in many industries including retail, training, architecture, theme parks, museums and the military to create compelling experiences and enhanced simulations. Keywords  has the know-how and the range of services that will enable these industries to outsource the essential elements of the development of such experiences using game engines.

Complementary to the Group’s organic growth opportunities, the Directors will continue to consider selective acquisitions in line with its objective to become the “go to” provider of video game services. Since its IPO in June 2013, the Group has successfully made a number of acquisitions which have significantly extended its geographic reach, capacity and expertise. The Directors maintain a healthy pipeline of selected acquisition candidates which are considered value enhancing where they enlarge the Group’s client base, market penetration and / or service lines and where the Group can use its existing expertise, multi-service platform, scale and global reach to generate synergies and increase profitability. The Group may also consider acquisitions or joint ventures which provide a platform for it to take its core technical expertise into new, adjacent markets such as, E-learning, film dubbing and subtitle services, online gambling and other markets where interactive content is increasingly being developed using game engine technology.

* – NewZoo 2017 Global Games Market Report

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Keywords International Ltd.

Whelan House

South County Business Park

Dublin 18


Tel. +353 190 22 730

Fax. +353 190 22 774


Keywords International Inc.

Redmond Technology Center

18300 Redmond Way, Suite 120

Redmond, WA, USA



Keywords International Pte Ltd

20 Kallang Avenue, #06-6A,

Lobby B, Pico Creative Centre,

Singapore 339411

Tel: +65 6709 8680

Fax: +65 6297 0366


Keywords International Co., Ltd.

2F Toshin Building

4-33-10 Yoyogi, Shibuya-ku,

Tokyo 151-0053

TEL: +81 3 4588 6760

FAX: +81 3 3375 1518


Keywords Studios Shanghai

Room 142 Building 7 No. 311 JinGao Road, PuDong Dist.




Babel Media Ltd

1751 Rue Richardson

bureau 8400, Montreal

Québec, Canada H3K 1G6

Phone: +1 514-904-3700

Fax: +1 514-788-1405


Keywords Italia Srl

Via Tiberio Imperatore 15

00145 Rome


Tel. +39 06 44 20 25 21

Fax. +39 06 44 11 92 17

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