DAVY VIEW

Keywords Studios (KWS) has announced the acquisition of Wizcorp, an end-to-end games developer focused on HTML5 and mobile games, for a cash consideration of JPY120m (circa €1m). We view this as a strong deal for KWS's engineering arm, strengthening its expertise in mobile game development while also expanding its presence in Japan (where KWS currently employs 300 staff). We reiterate our ‘Outperform’ rating.