Keywords Studios
FY 2023 Results

March 2024

Contents
012023 Summary

02

Financial Review

03

Strategy Update

04

M&A Update

05

Outlook06

Appendix

Keywords Studios plc - 2023 Full Year Results2Extending our market leadership position•

Resilient performance, growing ahead ofindustry in a tougher year

Revenue•

Good revenue growth, with robust organic
growth led by Create+13% growth•

Operating margins have remained strong,ahead of guidance•

Record year for M&A and strong pipeline ahead•

Continued strong strategic execution, withmajor focus on Strategic Partnerships andTechnology(1)~6% reported organic growth€780m

Organic Revenue
growth~9%(1)

before US strikes & FX

Adj. Operating Profit

M&A

15.6% margin

Total maximum
consideration

€122m

€225m

Keywords Studios plc - 2023 Full Year Results3Expect strong revenue and profit growth in 2024 despitenear-term market volatility, with medium-term trends
overwhelmingly positive
Near-term

Medium-term•

Streamlined content pipeline, focused on larger IPs•

Clients looking at business models and variable costs•

Good demand for high-quality Create talent•High-quality talent remains in short supply•

Clients continue to be highly cost conscious••

Job losses ongoing at the beginning of 2024

Games seen as a must have channel for owners of IP(Disney/Epic)•

Post strike Hollywood ramp-up slowly taking place•

Scaled platform increasingly important to client needs•

Viewers and player numbers continue to rise requiring
increased content generation

Scaled and diversified enabler of the industry – able to meet evolving client
requirements and navigate current industry headwinds
Keywords Studios plc - 2023 Full Year Results

4Market leader gaining share in a fragmented, large and growing
market with plenty to go after
Clear market leader,
3x size of next competitor…
Market share versus competitors (%)

Video games content creation market is growing rapidly

2023 TAM
$38bn

$13bn
34%
Overall spend on video
game content~8% five-year CAGR(1)2028 TAM
$56bn

$20bn
37%
$25bn
66%

$36bn
63%

Externalised services
market>9% five-year CAGR(1)Internal spend on content creation(1) Source: IDG Consulting (2023-2028)
Note - numbers may not add due to rounding

External spend on content creation
Keywords Studios plc - 2023 Full Year Results

5Agile business evolving to meet market growth & client needs
Track record of successfully transforming the business to add shareholder value
2013 Revenue

2018 Revenue

2023 Revenue

21%
14%

100%

58%

28%

43%

36%

CreateGlobalize
EngageTransformed from 100% localization business to well balanced portfolio with
>40% of revenues and >50% of profits coming from high-end Create services
Keywords Studios plc - 2023 Full Year Results

6

We have a resilient medium-term compounding growthmodel with a long-track record of value creation+10%~€100mOrganic Growth

Acquisition spend per year

Focus on Game Dev, Marketing,Technology and Adjacencies+80%

Cash conversion

D

~15%

Adjusted Operating margin

Firmly on track to becoming a +€1bn revenue business
Keywords Studios plc - 2023 Full Year Results

7

02

Financial Review

Good performance in a tougher market
More challenging backdrop than recent years• Continued revenue growth, both reported and organic• Disciplined cost focus, whilst investing for the future• Operating margins ahead of guidance• Allocating capital to growth, technology and M&A• Enhanced financial strength and liquidity

Keywords Studios plc - 2023 Full Year Results

9Key KPIs on track

Revenue

Organic Revenue Growth+13% growth

before the impact of US
strikes (~6% reported)

€780m

~9%

Adj. Operating Profit

Adj. Operating Margin+6% growth

Ahead of guidance

€122m

15.6%

M&A Investment

Capex

Cash Conversion

Net (Cash) / Debt

Max consideration across 5
high-quality transactionsof sales, with investment in
the business H1 weighted

In line with guidance

Driven by M&A activity~€225m

~4.5%

82%

€68m

Keywords Studios plc - 2023 Full Year Results

10Revenue analysis

Maintained track record of double-digit revenue growth in every year since IPO, withrevenue growth of 13% in 2023, despite a meaningful FX headwind
Revenue growth since IPO€m2023 Revenue bridge
€m
780

76

29
780

43
691

16
2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2022

Organic
growth

M&A growth

FX impact

2023

Keywords Studios plc - 2023 Full Year Results

11CreateProduction focused services with around 4,500 people across 18 countries% of Group revenue% of Group Adj EBITDA

43%

59%

2023 key takeaways

2023

2022

ChangeRevenue €m

336.1

275.5

22.0%

Organic Revenue Growth (%)

17.3%

25.9%

94.1

69.7

35.0%

28.0%

25.3%

2.7%

Adjusted EBITDA (€m)
Adjusted EBITDA margin (%)•

Performed strongly during year, with total revenues up
by 22% and organic revenue growth of 17%•

Won a number of larger engagements with key clients,
both single studio and wider collaborative efforts•

Increased collaboration within the division•

Very strong growth in Adj EBITDA•

Welcomed three new game development studios in2023, The Multiplayer Group, Hardsuit Labs andPlayboss Interactive

Keywords Studios plc - 2023 Full Year Results

12Globalize

Testing, localization and audio focused services with around 5,000 people across 18 countries% of Group revenue% of Group Adj EBITDA

36%

31%

2023 key takeaways

2023

2022

ChangeRevenue €m

279.5

300.9

(7.1)%

Organic Revenue Growth (%)(4.3)%

23.4%

Adjusted EBITDA (€m)

48.5

61.6

(21.3%)

Adjusted EBITDA margin (%)

17.4%

20.5%

(3.1%)•

Revenues impacted by market conditions, US strikes
and FX•

Organic Revenue excluding US strikes, would have beenslightly down, well ahead of the post-production market•

Solid result given elevated level of project cancellations,delays and reduced scopes as publishers focus on corelanguages and IP•

Margins lower, as expected, following exceptional
demand in 2022•

Rightsized headcount and rationalised footprint, whilst
driving efficiencies through technology and improved
operating model

Keywords Studios plc - 2023 Full Year Results

13

Engage

Marketing and player engagement focused services with over 2,500 people across 14 countries% of Group revenue

2023 key takeaways% of Group Adj EBITDA

21%•

Good overall growth during the year with revenues
up, driven by acquisition.

•

Organic Revenue would have been ~9% without the
impact of the US strikes•

Good growth in Helpshift which has transformed
Player Engagement into a digital first solution•

Margins lower due to utilisation rates and US strikes,
actions taken for a more positive margin trajectoryfor 2024•

Acquisitions of Digital Media Management and 47
Communications enhanced our social media /influencer and PR offerings

10%

2023

2022

ChangeRevenue €m

164.8

114.3

44.2%

Organic Revenue Growth (%)

2.3%

9.7%

Adjusted EBITDA (€m)

15.7

15.6

Adjusted EBITDA margin (%)

9.5%

13.6%

0.6%

Keywords Studios plc - 2023 Full Year Results

14

Carefully managing costs, whilst taking advantage of thedownturn to invest in long-term value creation
Managing costs

Investing for future growth•

Maintained profitability despite operating expenses
returning to more normal levels post Covid•

Added talent where demand is strong, average
headcount +11% YoY•

Tight control of all admin costs across Group••

Enhanced collaboration, with 30% of projects in
Create multi-studioAccelerated investment in tech platform doubling
up on R&D activity in Mighty, Kantan, and Helpshift••

Globalize restructure with 5% of its headcountleaving the business

Built out Innovation team and AI Centre of
Excellence delivering partnerships and research
projects•

Enhanced IT resilience and back-office systems in
HR and finance to drive efficiency going forward•

Delivered more than double M&A guidance as webuild out our platform••

Property footprint and IT spend rationalisation with
one-time charge of €10m
Reduced Marketing Services headcount by 8%

2024: launched multi-year efficiency programme to create more capacity to invest in future growth

Keywords Studios plc - 2023 Full Year Results

15

Operating margins in line with guidanceMargins normalised post Covid as we invest in the business, but taking action to actively
manage costs across the Group
Adjusted Operating margins
%

17.3%
15.5%

15.3%

16.6%

15.6%

13.2%

2018

2019

2020

2021

2022

~15%
mediumterm
guidance2023

Keywords Studios plc - 2023 Full Year Results

16Summary Profit and Loss

Revenue

2023
€m

2022
€m

%
change

780.4

690.7

+ 13.0%+ 5.6%

Organic Revenue Growth
Adjusted EBITDA

158.3

146.9

Margin

20.3%

21.3%

EBITDA

109.2

120.9

(9.7%)

Adjusted operating profit

122.0

114.6

+ 6.5%

Margin

15.6%

16.6%

Operating profit

46.8

71.8

(34.8%)

Adjusted EPS (€ cents per share)

112.9c113.5c

(0.5%)

Final Dividend per share

1.76p

1.60p

+ 10.0%Total Dividend per share

2.61p

2.37p

+ 10.0%•

Reported revenue up 13%, 17% in constant currency•

Organic Revenue of 6% would have been ~9%
excluding the impact of FX and the US strikes•

Adjusted Operating margins stronger than guided,due to good cost control•

Adjusted EPS flat, reflecting margin normalisation
post-Covid and increased interest costs•

Final dividend recommendation increased by 10% inline with progressive dividend policy+ 7.8%

Keywords Studios plc - 2023 Full Year Results

17

Operating and Free cash flow
2023
€m

2022
€m

Change€m

Adjusted EBITDA

158.3

146.9

11.4

MMTC, VGTR and similar incentives(11.3)

(3.6)

(7.7)

Working capital and other items

(4.3)

0.6

(4.9)

Capex – PPE(30.7)(27.0)(3.7)

Capex - intangible assets

(3.1)

(0.5)

(2.6)

Payments of principal on lease liabilities(15.0)(11.4)(3.6)

Operating cash flows

93.9

105.0

(11.1)Net Interest paid

(7.1)

(1.5)

(5.6)

Free cash flow before tax

86.8

103.5

(16.7)

Tax(20.9)(17.5)(3.4)

Free cash flow

65.9

86.0

(20.1)

Adjusted free cash flow

94.4

112.1

(17.7)

Adjusted cash conversion rate

82.3%

100.1%•

MMTC, VGTR and similar incentives receivable
increased to €8m, primarily due to timing of payments
in new jurisdictions•

Good H2 working capital performance•

Capex of €34m was H1 weighted, and ~4.5% of sales•

Adjusted cash conversion rate of 82%, in line withguidance

Keywords Studios plc - 2023 Full Year Results

18

Financial strength and liquidity

RCF increased to $400m, with maturity extended to 2027, cementing our long-term liquidityand flexibility to pursue our strong M&A pipeline82%

Adjusted cash conversion

0.4x

17

32

68

Leases &Other2023 Net
Debt

7

(82)

Net leverage*

158

$260m

203
16

Undrawn facility

34
2022 Net Adj EBITDA
Debt (Cash)* Net debt to Last Twelve Months Adjusted EBITDA reported in APMs

CapexWorking
CapitalM&A

EBT &Dividend

Interest

Keywords Studios plc - 2023 Full Year Results

19

Disciplined use of capital to drive shareholder value creation
1

2
Organic growth

M&A• Invest for profitable growth:- Technology andautomation

Shareholder
cash returns• Strategy and culturealignment• Progressive ordinary
dividend• Attractive financial profile• EBT share re-purchaseprogramme- Strategic partnerships- Enhances organic growth- Talent, particularly in Game
Development- Achieve group margins orabove• ~4-5% of sales annual capex3- 5-7x EBITDA multiple• May consider additional
shareholder returns if haveexcess capital• ~€100m of annual spend

Whilst maintaining balance sheet strength
Net debt to Adj. EBITDA ratio to remain below 2x

Keywords Studios plc - 2023 Full Year Results

20Guidance
Outlook unchanged from January trading update

Headline••

Expect to deliver strong revenue and profit growth in
2024 driven by improving organic growth and recent
M&A
Organic growth is expected to progressively improvefrom H2 23 levels as we move through the year•

Driven by the industry’s appetite for new content
returning and allowing time for the output from
Hollywood to increase post the 2023 strikes•

Adjusted operating profit margins expected toremain above 15%, as we manage costs carefully

Technical•

Adjusted cash conversion rate expected to be atleast 80%•

Capex expected to be 4.5-5% of revenues, in linewith 2023•

Adjusted Effective Tax rate of ~22%•

Net finance charge based on year-end debt levels
broadly €10m, subject to change depending on M&A

Keywords Studios plc - 2023 Full Year Results

21

03

StrategyWe form part of the backbone of the gaming industry,enabling our clients to captivate players across the globe
Developers/Publishers – Consumer facing
Exposed to hit or miss title risk and overall engagement levels of players

Specialist Technology Providers – B2B
Support publishers in getting games to market across range oftechnology-led verticals
Content
Creation

Cloud~40% spend
in this vertical3
(1)
(2)
(3)

Security

Analytics

Payments

Developers/Publishers(1)• Same end market• Access to >3 billion players• Leveraged to the success of IP• Revenue growth: ~5%• EBITDA margin: ~38%

Tech Services Businesses(2)• Reputable best-in-class across verticals• Sticky customer base – mission criticalservices for clients• Resilient business model• Similar M&A bolt-on strategy• Revenue growth: ~12%
• EBITDA margin: ~20%

Example providers

Includes: EA, Take-Two, Ubisoft, Capcom, Square Enix, CD Projekt, Embracer, Paradox, Stillfront, average revenue growth and EBITDA margin
Accenture, Capgemini, Cognizant, Epam, Globant, Reply, Endava, Netcompany, average revenue growth and EBITDA margin
Combination of inhouse and external spend

Keywords Studios plc - 2023 Full Year Results

23

Continuing to deliver against our strategy
Strategic
Partnerships

Technology•

Increased CXO
access, Top 25
revenues grewfaster than Group•

Broadened AI
capabilities, through
AI Centre of
Excellence•

Building end-to-end
white glove gamedevelopment
services for new
entrants•

Project Ava
launched as an R&D
initiative to assess
current Gen AI tools•

Several large
agreements with
AAA publishers•

Meaningful increase
in revenues enabled
by digital productplatform

One
Keywords

Talent &Capabilities

Adjacent
Markets•

Meaningful increasein collaboration
within Create, with
30% of projects
multi-studio•

Supported 11%
increase inemployees inc. over
600 throughacquisition•

First virtual
production/
animation client
wins across bothCreate and Engage•

IT & Digital teamtransformation

•

•

•

One KWS teamsupported transition
of Sperasoft out of
RussiaExpanded theambassador
programme Womenin Games by 31%•

Global talentacquisition teamaccelerated growthin Create

DMM broadened
reach into film andTV marketing andcross-selling into
gaming•

LiveOps continues
to be in highdemandKeywords Studios plc - 2023 Full Year Results24Deepening relationships with our largest clients

Long-term relationships with key industry players, with very strong retention and trackrecord of growing our share of wallet
Client A
Fixed to variable

Client B
Retention and expansion

Client C
Scaling new entrants

Leading publisher moved
from an in-house testingmodel in higher-costlocations, to a variable cost
partnership with our FQA
teams across the globe

Continued engagement withpublisher since 2017 on amajor live service title, grownfrom a single game dev’t
studio, to 6 studios and into
Globalize and Engage

Worked on gaming titles for a
global entertainment client for
the first time in 2021. Initially
focused on a few, smallergames, but scaled to +60 titles
and multiple Divisions in 2023

0 testers in H1
2022, ramped up toa peak of nearly
500 in 2023

Annual revenues
increased by 5x
since 2020

30x increase ingaming revenues
since 2021

Keywords Studios plc - 2023 Full Year Results

25Our approach to Technology and AI

We take a differentiated approach to win in both the production and post-production value chains
Production•

Post-production

Long-track record of adopting
latest technology to supportclients’ in “race to the top”•

4,500 creative technologists•

Limited utilisation of Gen AI in
AAA due to quality and lack oflegal frameworks•

Ideally placed to be the industry
aggregator for AI and tech tools
due to broad view and access tothe industry(1)

Note: Diagram shows 2023 revenue mix

Globalize

CreateEngage•Building proprietary technology
platform and integrating Gen AI
to augment solutions•

Opportunity to offer “publisher
services” to scaling developers•

Clients looking to us to invest as
they focus on Production•

Building technology moat vssmaller competitors in themarketKeywords Studios plc - 2023 Full Year Results

26

Production - Gen AI R&D•

Global team across 7 studios collaborating on a R&D
project to build a "shippable” game with Gen AI•

Designed to test real-world strengths and limitations ofover 400 tools, to educate and inform our teams, andsupport clients•

Quickly became apparent that the tools were unable toreplace the skills of highly trained people•

Highest potential results come when Gen AI tools areplaced in the hands of production domain experts•

Continuing to invest in multiple areas of AI R&D to better
guide our clients and drive learning across the Group•

Leading to tangible and scalable AI partnerships

Keywords Studios plc - 2023 Full Year Results27

Establishing partnerships with AI solution providers

Multi-faceted approach, guided by our Innovation team research to form implementation
partnerships with trusted technology solution providers for the benefit of our clients

CreateCreateDeepened relationship with
Havok, a leading providerof middleware for AAA
titlesLaunched partnership with
CharismaAI – whichenables creation of more
immersive in-game nonplayer-characters•

xxx

EngageHelpshift has enabled
launch of VIP Services, that
we are now augmenting
through partnership with
SurgeROIEngageTrust & Safety formed
enhanced partnership with
Modulate, a leading voicemoderation platform andcentral to yesterday’s
launch of the Gaming
Safety Coalition with techpartners

Keywords Studios plc - 2023 Full Year Results

28

Post-production - Gaining traction with our integrated
technology platform…
MightyBuild & Test

Language AI

Helpshift

KantanAudiomate

Our tools act together
at all stages of theprocess driving
efficiencies•

Scaled Mighty Build & Test footprint & offering• Working with a range of leading developers• Increasingly becoming our internal testing
solution across our game dev’t studios•

Launched Language AI• Powered by KantanMT technology• Enables more languages to be supported
within Helpshift at a lower client cost•

Refreshed and relaunched XLOC, our gameasset management environment• Connected with Mighty Build & Test

XLOC

KantanStream/ KantanMT

Keywords Studios plc - 2023 Full Year Results29

Acquisition of Helpshift has transformed our Player
Engagement offering•

Fully integrated and built upon the 2022 Helpshift acquisition,
creating a unique end-to-end digital first solution for clients•

Delivering over 60% AI automation for clients on average•

Enabled creation of VIP Engagement offering for high-value players•

Drives personalised experiences with specialised, AI enabledhuman agents•

Major mobile player transitioned 23 games and five studios to
Helpshift in 2023•

Vision to turn a client cost centre into a revenue generator bykeeping players engaged and in the game for longer

Player Support VIP Engagement
Services
Services

Trust and
SafetyAI Technology
Platform

Client Case Study:
Large gaming company with anemphasis on AI-guided support:• 1.9m monthly engagements• 68% are fully AI automated• $5m estimated annual savings• 5% increase in CSAT, after
combining agents and AI

Over 6 million automated conversations per month, freeing up agents and saving
clients tens of millions of dollars
Keywords Studios plc - 2023 Full Year Results

30

04

M&A

Core part of strategy to build out platform through M&A
2023 was a record year of M&A delivering significant inorganic growth
•

•
•
•
•
•

65+ deals in 10 years provides track record ofdeal execution, integration and value
accretion
Strong pipeline of opportunities from which
only highest quality opportunities selected
Focus on culture, quality and performance
Seen as preferred buyer in the sector
Targeting 5-7x EBITDA multiples (based onachieving earn-out targets)
Extensive M&A pipeline of opportunities in
2024 and beyond

Last 5-year pro-forma revenue added (€m)
120
100

Pro-forma revenue includes both pre and post acquisition revenues in the year
Total Maximum spend rather than cash spend in the year

1

Total Maximum Potential Consideration €m

126

140

150

97

40

0

2

250

90

60

20

225

200

80

No. of deals

(1)
(2)

Pro-forma revenue €m

43

100
39

41
50

20
13

0

2019

2020

2021

2022

2023

8

6

6

5

5

Keywords Studios plc - 2023 Full Year Results

32Five high-quality acquisitions continuing our track recordof building out our platform in our core focus areas
5-year M&A Focus areas (number of deals)(1)Focus Areas

2023
AcquisitionsGame Dev’t

MarketingTechnology

Adj Markets



Tech
3



Globalize
0




(1)

M&E
2

Helpshift included in technology rather than EngageEngage9Create16

Keywords Studios plc - 2023 Full Year Results

33

Strategy in action: Landing and expanding in Australia•

Acquired Tantalus Media in March 2021 as part of a strategic
objective to create a foothold in Australia given its strong
reputation for game development talent and proximity to the Asia
Pacific gaming market•

At acquisition Tantalus had a single location with 37 employees•

In three years, the Australian business has completed two studioacquisitions and launched two new satellite studios•

Grown to an integrated group of six game development studios
with over 300 people working with many of the biggest games
companies globally and a reputation for deep technical andproduction capabilities

Brisbane

Adelaide
Melbourne

Revenues

4x

AAA projects

8x

Keywords Studios plc - 2023 Full Year Results

34

05

OutlookContinuing to drive forward
and gaining momentum• Resilient 2023 performance against a tough backdrop• Benefitted from our diversified platform and business model• Strong growth with leading clients• Delivering against strategy, executing on healthy M&A pipeline,
and extending market leadership position• Confident in our medium-term compounding growth model

Agile business investing to leverage our uniqueposition at the heart of the largest entertainment
industries in the world

Keywords Studios plc - 2023 Full Year Results

36

Over 70% of the winners at the recent 2023 Game Awards
partnered with Keywords…

Questions?

Keywords Studios plc - 2023 Full Year Results

37

06

AppendixKeywords snapshot

Industry leader, with a global reach, increasingly seen as the partner of record for theleading players in the market across the game development cycle

Clear market
leader acrosscontent creation
cycle…

…in a large andgrowing
addressable
marketStrong customer
relationships
and recurring
revenues

Working withcustomers acrossall platforms,
without IP risk

Built leading postproduction techproduct suite

International
scale brings
solutions to
global clientsDiverse andskilled workforce
with sought-after
expertise

Track record oforganic andinorganic growthsince IPO

We are a critical enabler of a massive and growing ecosystem
Keywords Studios plc - 2023 Full Year Results

39Our Responsible Business priorities

PeopleOur largest and mostvaluable asset

PlanetMinimising our impact
on the planet

Community

ClientMaking a positive impact

At the heart of everything

Governance•

MSCI increased rating from A to AA, the joint highest rating in ourcategory•

Made solid progress against our main priorities, including:•

Increased proportion of women across the group to 27% from
26% in 2022, with 34% of senior leadership roles held by women(1)•Supported the expansion of the ambassador programme with
Women in Games, with now over 1,700 ambassadors globally in
77 countries•

Excellent engagement across the Group on the new Leadership
Principle•

Stepped up employee engagement ranging from group wide
townhalls to small bespoke sessions with the CEO•

Celebrated 25 years of Keywords by planting 25,000 trees acrossthe world•

Continued to win a range of Best Company to work for awards ina number of locations

Setting the highest standards of behaviour,honesty and integrity underpins everything we do(1)Includes Executive Committee and Company Secretariat and their direct reports

Keywords Studios plc - 2023 Full Year Results

40Evolution of tech in gaming has historically increased jobs inthe industry and meant more is possible in games…
People employed in US video gaming industry (‘000s)(1)Growth in AAA budgets over time(2)300$44m (2010)
5

1st release in franchise

God of War$200m (2022)

RDR$90m (2010)$200m (2018)250

2nd release in franchise
3rd release in franchise
Latest release in franchise

3.0

200

$100m (2008)

2019

150

$15m (2005)

Call of Duty

100$500m (2021)$100m (2013)$125m (2018)

Tomb Raider

2.0$1,000m (2023)$60m (2011)

Halo

3

50

$1,000m (2023+)

GTA$10m (2011)

Witcher/Cyberp'k

0
2004

2007

2010

Consolelaunches

2013

2016

2019

2022

$315m (2020)$45m (2006)

Final Fantasy$300m (2023)$47m (2017)

Horizon0(1)(2)$212m (2022)

200

Source: IbisWorld
Jefferies (Business Insider, Critical Hit Gaming, Digital Spy, Motley Fool, Game Designing, Game Dev Reports, GameFAQS, GamesIndustry.biz, Gamers Nexus, GGRecon,
Games Spot, Game World Observer, Jefferies, LA Times, Push Square, The Icon, Tech Times, USA Today)

400

600

800

Keywords Studios plc - 2023 Full Year Results

1000
41

Technology already underpins our entire service offering*
We CreatePre-production

We Globalize
Early-stage
Development

Mid-stage
Development

We Engage
Later-stage
Development

Launch & OngoingLive Operations

New Content
for GamesGame Development
Art Services
Audio Services

Our
Services

Functional Testing
Localization (Text & Audio)
Localization Testing
Marketing Services
Player Engagement

Underpinning Technologies*

KWS Products& Partners

External tools

Memferret
KRAST
Proprietarygame engines*** Not all technologies listed** Used for Insight, Ideation & Operations and not production

**

**

**

**

**

Keywords Studios plc - 2023 Full Year Results

42Our global footprint

13,000 people, working in 26 countries, on 5
continents, providing global workflow capability
Keywords Studios plc - 2023 Full Year Results

43