Gaming service provider Keywords has acquired Wushu Studios to strengthen its production capabilities.
Wushu was founded in 2017 with a focus on creating original franchises, but eventually moved to a contract work model.
The company has worked on a number of high-profile projects, including Fall Guys, State of decay, ForzaHorizon5And Baldur’s Gate 3Keywords said Wushu had grown well despite “market turbulence” and noted that the company expects adjusted revenue of £12.5 million ($16 million) for the fiscal year ending August 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 “strong pipeline of high-quality projects” in development.
Keywords CEO Bertrand Bodson said the company was “thrilled” to welcome Wushu to its ranks. “The acquisition is in line with our strategy to expand our game development offering globally. We now have two studios in Liverpool, 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 expand our offerings to our global client base. We look forward to working with Alan and the talented team in the years to come to support and drive the company’s growth.”
Wushu founder McDermott said life under Keywords represents an “exciting new chapter” for the studio, but stressed the deal will not affect its creative independence.
“(The deal) enables us to further enhance the services we offer to our long-standing clients with an extensive resource network and comprehensive capabilities,” he added.
“Keywords shares our ambitions for further growth and their investment in Wushu will help us continue to stay true to our people-first approach to development. We look forward to working with the larger Keywords network and tackling even more ambitious projects in the future.”
Today’s news comes shortly after Keywords confirmed that a “small” number of employees were laid off at Detonation race Developer Lively Studios.
