Keywords pays nearly $100 million for The Multiplayer Group, outsourcing studio behind MK1, CoD, and Apex Legends

Although investment in the games industry has slowed significantly, Keywords Studios has made its fourth M&A deal this year. It is welcoming The Multiplayer Group, an outsourcing studio focused on multiplayer game development.

As Keywords Studios announced on December 18, it acquired The Multiplayer Group for £76.5 million ($97 million). The money was paid to metaverse company Improbable, which has owned the developer since 2019.

Improbable told GamesBeat that it decided to sell the studio because it wants to focus more on the Web3 and Generative AI elements of its business rather than multiplayer games.

The Multiplayer Group, which currently employs over 360 people, will join the Keywords family, while its leadership team will keep their position and will continue to lead the studio.

“MPG is a business that we have long admired for its high-quality work, blue-chip client base, deep experience in developing AAA multiplayer games and its use of technology and data analytics,” Keywords Studios CEO Bertrand Bodson said in a statement. “This is another important step in building out our platform and expanding our offering to encompass specialised multiplayer game development at scale, which is increasingly in demand for live services.”

Keywords also noted that The Multiplayer Group has a “strong pipeline of work and is expected to deliver double-digit percentage revenue growth in 2024.”

According to the studio’s official website, it has worked with studios like Obsidian Entertainment, Bethesda, Arkane, Respawn, Electronic Arts, Activision, and 2K. Its portfolio includes Mortal Kombat 1, Starfield, Fall Guys, Call of Duty: Modern Warfare II, Apex Legends, Sea of Thieves, Dying Light 2, The Elder Scrolls Online, and more.

Founded in 1998, Keywords Studios is a global oustorcing company that has over 20 offices around the world. It provides other developers and publishers with various services, including co-development, QA, localization, and marketing.

Keywords has made dozes of M&A deals over the last several years. In 2023 alone, the company acquired Hardsuit Labs, Digital Media Management, and 47 Communications.