Game services provider Keywords has acquired Wushu Studios to strengthen its production capabilities.
Based in Liverpool, Wushu was founded in 2017 to create original franchises, but eventually transitioned to a commission-based model.
The company has worked on a number of high profile projects including Autumn boys, State of decay, Forza Horizon 5AND Baldur's Gate 3Keywords said Wushu has grown well despite “market turbulence” and noted that the company expects to generate adjusted revenue of £12.5 million ($16 million) for the fiscal year ending Aug. 31, 2024.
Wushu founder and majority owner Alan McDermott and the current management team will remain at the helm following the acquisition. Keywords said the studio currently has a “robust pipeline of high-quality projects” in development.
Keywords CEO Bertrand Bodson said the company was “thrilled” to welcome Wushu to the group. “The acquisition is in line with our strategy to expand our game development offering globally. We now have two studios in Liverpool, which is a key regional hub for talent in the UK,” Bodson added in a press release.
“Wushu's highly skilled team, strong relationships and growth opportunities will be important assets that complement our existing Create studios as we continue to enhance our offering to our global client base. We look forward to working with Alan and the talented team over the coming years to support and drive the growth of the business.”
Wushu founder McDermott said life under Keywords represents an “exciting new chapter” for the studio, but added that the deal would not compromise its creative independence.
“[The deal] “It enables us to further enhance the services we offer to our long-standing clients thanks to a vast network of resources and a broad set of expertise,” he added.
“Keywords shares our ambitions for continued growth and their investment in Wushu will help us continue to stay true to our people-centric approach to development. We look forward to collaborating with the wider Keywords network and taking on even more ambitious projects in the future.”
Today's news comes shortly after Keywords confirmed it has laid off a “small” number of workers TO Detonation run developer Lively Studios.