Services provider Keywords Studios acquired games marketing company G-Net Media for a total consideration of up to $32 million.
Based in Los Angeles, G-Net was founded in 2001 and currently boasts 85 staff. The marketing agency works with clients such as Activision, Bethesda, Bungie, and Microsoft, as well as companies outside of games such as Netflix, Amazon Prime, and NBC Universal.
CEO of Keywords Andrew Day said that this acquisition brings the number of Keywords' marketing studios to seven. Annual revenues from the company's marketing services are now over €35 million ($41m), he added, representing over 180 people employees.
"Under the terms of the acquisition, Keywords will pay initial consideration of US$14.4m in cash and the equivalent of US$3.6m in new ordinary shares to the sellers on the first anniversary of the acquisition, which will then be subject to orderly market provisions for a further year," the announcement said. "Deferred consideration of up to US$14m will be payable to the sellers, in a mix of cash and shares, based on performance targets being met by the first and second anniversaries of the acquisition."
G-Net generated $16.3 million in revenue for the year ended May 31, 2020, Keywords Studios said, with revenue expected to reach $30 million by the end of 2021.
With this acquisition, Keywords Studios hopes to further its strategy to "become the 'go to' technical and creative services platform" for the industry.