Dublin-based video game content provider Keywords Studios is expected to make fewer acquisitions this year but could well spend more on the purchases it does make. Keywords made nine acquisitions last year for a combined €60m or so. "Keywords Studios acquired nine companies in 2018, for a combined net outlay of around €60m, in line with our forecasts, giving it a circa 5% share of the outsourced services market," said Goodbody analyst Patrick O'Donnell. We continue to model €60m of annual acquisitions into our valuation, given a fragmented market for outsourcers," said Mr O'Donnell. Analysts expect Keywords to look for acquisitions in the software engineering and art areas, which could see fewer opportunities but at higher valuations.

Source: Irish Examiner April 03, 2019 16:18 UTC