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Keywords Studios acquires multiplayer game development studio The Multiplayer Group for $97.1m


December 2023


Marketing services and technology, Software

Deal Type


Our Role

Buy side

About The Multiplayer Group (MPG)

MPG is a multiplayer game development studio based in Nottingham, United Kingdom. Previously owned by Improbable Worlds Limited since 2019, MPG has expertise in developing multiplayer games and providing technology solutions to top-tier gaming studios and publishers like Activision Blizzard, Bethesda, Epic, and 2K. MPG’s 360-strong team provides co-development and full-game development for its clients and also has functions working on data science, new technology and AI.

About Keywords Studios

Keywords Studios is an international technical and creative services provider to the global video games industry and beyond. Established in 1998, they are a team of over 12,000 based across more than 70 facilities in 26 countries, strategically located in Asia, the Americas, Australia and Europe. They provide integrated art creation, marketing services, game development, testing, localisation, audio, community management and player support in more than 50 languages and 16 games platforms to a client base of over than 950 clients across the globe.

About the deal

The acquisition, marks a strategic move by Keywords to bolster its Create division and aligns with Keywords’ expansion strategy, adding a strong player in the multiplayer gaming sphere to its portfolio.

MPG is projected to contribute double-digit revenue growth in 2024 and the transaction aligns with Keywords’ targeted valuation range of five to seven times EBITDA. It is expected to be earnings per share (EPS) accretive in its first full year post-acquisition.

Our work

We advised Keywords Studios on their acquisition of MPG by providing financial due diligence services.

WY provided with us with highly commercial insights into the key value drivers of the MPG business model. Their support and guidance was invaluable in driving the deal to a successful conclusion for all concerned.

Darren Sheahan

Corporate Development

Keywords Studios




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