Keywords Studios, a global game and entertainment services provider, has successfully acquired The Multiplayer Group (MPG), a Nottingham-based multiplayer game development studio. Valued at $97.1 million, this strategic move aims to strengthen Keywords Studios' Create division and broaden its presence in the multiplayer gaming sector. Previously under the ownership of Improbable Worlds Limited (Improbable) since 2019, MPG is recognized for its proficiency in developing multiplayer games and providing technology solutions to major gaming studios and publishers. The acquisition aligns with Keywords Studios' expansion strategy, adding a significant player in the multiplayer gaming space to its diverse portfolio. Bertrand Bodson, CEO of Keywords Studios, expressed enthusiasm, stating, "We are thrilled to welcome the MPG team to Keywords. This move is an important step in building out our platform and expanding our offering to encompass specialized multiplayer game development at scale."

Established in 2018, MPG has experienced substantial growth, boasting a global workforce of over 360 employees. The leadership team, including Andy Norman, Rocco Loscalzo, Vaughan O’Brien, and Roger Cheung, will continue to lead MPG's operations post-acquisition. They are set to engage in a management incentive plan linked to ambitious growth objectives over the next two years. Financed primarily through cash and Keywords' existing revolving credit facility, the acquisition is projected to contribute double-digit revenue growth in 2024. The transaction aligns with Keywords' targeted valuation range of five to seven times EBITDA and is expected to be earnings per share (EPS) accretive in its first full year post-acquisition.

Herman Narula, CEO of Improbable, clarified that Improbable is not exiting the game business but is shifting focus away from game services like those offered by Multiplayer. The company remains committed to innovation in the metaverse and web3, continuing to grow services in that domain. Otherside, the web3 metaverse game from the creators of the Bored Ape Yacht Club and Yuga Labs, is powered by tech from Improbable. MSquared (M²) is the creation suite for interoperable online worlds, spanning a network, tech stack, and metaverse markup language (MML) for creating digital assets and experiences within those worlds. In other words, it’s a metaverse creation engine. Improbable, which was reportedly valued at $3 billion when it raised funding last fall, recently opened up early access to its MSquared tools, and open-sourced the MML to make it accessible for builders. Already, people are playing around with the tools via the Construct metaverse environment and sharing their creations.

The Multiplayer Group has contributed to the development of notable games such as Mortal Kombat 1, Starfield, Call of Duty MWII and MW III, Fall Guys, Apex Legends, Overwatch 2, The Elder Scrolls, Grounded, Sea of Thieves, Medal of Honor, Gotham Knights, Dying Light 2, Redfall, and Lego 2K Drive. Andy Norman, CEO of MPG, emphasized the shared ethos between MPG and Keywords, stating, "With Keywords, we believe we can continue to lead and grow multiplayer innovation, bringing the MPG ethos to more customers and games." As Keywords Studios integrates The Multiplayer Group into its operations, the gaming industry anticipates collaborative innovations and developments resulting from this strategic acquisition.