Keywords splashes $6 million on Asian art services provider Red Hot CG

Date Type Companies involved Size
May 22nd, 2017 acquisition Keywords Studios
Red Hot CG
Keywords splashes $6 million on Asian art services provider Red Hot CG

Keywords Studios has continued its acquisition spree with the purchase of art services provider Red Hot CG for a cool $6 million.

The company, which operated under the holding company Strongbox but trades as Red Hot, specialises in the production of graphical art assets for games.

Red Hot houses some 220 artists across its offices in China and Indonesia, which takes the number of employees and contractors Keywords employs as artists to over 1,000.

The art services provider has previously worked with clients such as Tencent, Sony, Bethesda, Capcom and Activision.

Hot deal

To finance the deal Keywords will be paying $4.35 million in cash, $1 million of which will be deferred for three years. The remainder will be satisfied by the issue of 160,842 new ordinary shares in Keywords.

"The acquisition of Red Hot further strengthens our fast growing, higher margin art services business, enhancing our unique client proposition which combines operations close to our clients, in the US and Canada, with those in lower cost locations across Asia,” said Keywords CEO Andrew Day.

“Following the acquisition, we believe the Keywords Art Service Line is the leading player in the outsourced market in terms of capacity and breadth of service. We warmly welcome Red Hot’s highly talented teams to the growing Keywords family and we look forward to continuing to build upon its excellent reputation and loyal client base as part of the Group.”

Senior Editor

Craig Chapple is Senior Editor of and He was previously Deputy Editor at Develop and Online Editor at Nintendo of Europe.


No comments
View options
  • Order by latest to oldest
  • Order by oldest to latest
  • Show all replies
Important information

This site uses cookies to store information on your computer. By continuing to use our site, you consent to Steel Media's privacy policy.

Steel Media websites use two types of cookie: (1) those that enable the site to function and perform as required; and (2) analytical cookies which anonymously track visitors only while using the site. If you are not happy with this use of these cookies please review our Privacy Policy to learn how they can be disabled. By disabling cookies some features of the site will not work.