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October 31, 2020
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Keywords acquires development studio Heavy Iron for $13.3 million

Keywords acquires development studio Heavy Iron for $13.3 million

September 17, 2020 | By Chris Kerr

Game service provider Keywords has acquired development studio Heavy Iron for up to $13.3 million.

The deal will see Keywords pay an initial $4 million in cash and $500,000 in ordinary shares. The remaining $8.8 million will be payable in a mixture of cash and shares if Heavy Iron meets certain performance targets over the next two years. 

Based in California, Heavy Iron offers a range of services including co-development, porting, and live operations, and also develops its own titles in-house. 

The studio has worked on a number of games and franchises including Marvel's Avengers, Disney Infinity, and Call of Duty, and is primarily focused on high-end console and PC projects. 

Commenting on the deal, Keywords chief exec Andrew Day said the company had been keen to bolster its development service line. 

"The addition of Heavy Iron to the Group further strengthens and scales our Game Development service line," he commented. "By bringing a new base on the West Coast, it will provide access to many of the world's leading game companies and the local talent pool from where we can expand our activities in the region and build upon our existing presence in audio and localization."

The Heavy Iron deal comes shortly after Keywords purchased marketing agency Maverick for around $4.7 million.

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