Keywords Studios acquires Romanian art studio AMC for €2.8m

London-listed video game specialist now has more than 65 facilities in 22 countries

Dublin-headquartered Keywords Studios has made its third acquisition of the year, buying AMC in a €2.8 million deal.

The London-listed video game specialist said the deal adds significant talent and experience to Keywords’ art service line, and establishes its presence in Eastern Europe.

Founded in 2009 and based in Bucharest, Romania, AMC is a long-established specialist art studio servicing US and European clients. The studio, which employs more than 60 people, focuses primarily on characters, environment, buildings, vehicle and weapons assets in a variety of styles. AMC works for large publishers and developers including Activision, 2K, CD Projekt Red, Wargaming, Zynga and others on major franchises including Call of Duty, World of Tanks, Spider-Man, Mafia and Planet of the Apes.

Initial cash consideration

AMC recorded revenue of €2.3 million last year. Under the terms of the acquisition, Keywords will pay an initial cash consideration of €2 million and the equivalent of €800,000 in new ordinary shares to be issued on the first anniversary of completion.


Established in 1998, and now with more than 65 facilities in 22 countries, Keywords Studios earlier this month forecast that full-year adjusted profit before tax will be around €40 million, an 80 per cent rise from the same period in 2020.

The company, which is searching for a new chief executive following the recent retirement of Andrew Day, is to announce half-year results on September 15th.

Charlie Taylor

Charlie Taylor

Charlie Taylor is a former Irish Times business journalist