The international video game service provider Keywords Studios has announced its entry into a conditional acquisition of Forgotten Empires for up to $32.5 million.

Ryan Shepherd, the founder and studio head of Forgotten Empires, will continue to lead the studio within Keywords. The team currently comprises 53 game developers who have worked on all Age of Empires definitive editions.

The studio has also worked previously with Keywords’ other development studios Tantalus, Wicked Witch and Climax Studios.

Aims of an acquisition

Revenue generated by Forgotten Empires in 2021 was to the value of $7.2 million, and under the terms of the acquisition, Keywords Studios’ maximum possible $32.5 million would be comprised in part by an initial cash consideration of $15.75 million.

The intended outcome of the acquisition is to further Keywords’ strategy to become a "go-to" creative services platform for video games.

"We are very excited to welcome Ryan and the Forgotten Empires team to Keywords. The studio has been instrumental in helping to create, design and grow the hugely successful and expanding Age of Empires series," said Keywords Studios CEO Bertrand Bodson.

"We are delighted to join Keywords Studios, an industry-leading, fast-growing business with a global footprint. We are really excited that they share our ambition and will provide the support to enable and underpin our continuing growth," Shepherd commented.

"Having worked alongside some of Keywords’ development studios we know the cultural fit will work well and we look forward to working more closely together with the wider Keywords group to drive the combined business forward."

Take-Two completed its $12.7 billion acquisition of Zynga last month, and more recently Playstack acquired Magic Fuel Games, reuniting EA veterans.