Keywords Studios plc Acquires XLOC Inc
Keywords Studios, the international technical services provider to the global video games industry, today announces that it has acquired XLOC Inc. for a total consideration of $0.9 million from its founders, Stephanie O'Malley and Mason Deming.
Based in Raleigh, NC, XLOC has developed the leading web-based integrated globalization content management system for videogames (XLOC), supported by consulting and customisation services. Its proprietary software application can be integrated with any games development platform and enables game developers and publishers to more efficiently manage and automate the complex process of localising games content across multiple languages and platforms for simultaneous global launches and continuous publishing.
The acquisition of XLOC is in line with Keywords Studios' strategy to extend its services, with the objective of providing end to end services to its global client base covering all aspects of game production and live operations support.
XLOC was founded in 2004 by Stephanie O'Malley and Mason Deming who had gained extensive experience of the localisation process through former roles in production and technology within Activision and by advising many leading video game development studios. The founders, along with the rest of the XLOC team, will remain in the Group.
Under the terms of the acquisition Keywords is paying a consideration comprised of $700,000 in cash and the issue to the Sellers of 19,134 new ordinary shares in Keywords, which will be subject to a two-year lock in period.
Application has been made to the London Stock Exchange for the admission of 19,134 new ordinary shares to trading on AIM. Admission of the new shares is expected to take place at 8.00am on 15 May 2017. The Company's total issued share capital following admission will consist of 55,636,269 ordinary shares of one pence each with one voting right per share. The above figure of 55,636,269 may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company following admission.
Fabio Minazzi, Global Head of Keywords Studios' Localisation Services, commented:
"We are delighted to welcome XLOC's talented team to Keywords Studios, having worked well together and recommended each other's solutions across many game titles over several years. XLOC brings to the Group a scaleable, leading, proprietary software application that is embedded in to the localisation processes of games developers. Its system is relied upon from an earlier stage than Keywords Studios has typically been involved and will enable the Group to provide integrated software and services across the full localisation cycle, in addition to offering XLOC as a standalone solution.
"We look forward to working closely with XLOC to build upon their excellent reputation and loyal client base."