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May 12, 2021
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Press Releases
  Keywords Studios plc ("Keywords Studios", the "Group"). Acquisitions of Indigo Pearl and Jinglebell. Strengthening our Audio and Marketing services
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[This unedited press release is made available courtesy of Gamasutra and its partnership with notable game PR-related resource Games Press.]
Keywords Studios, the international technical and creative services provider to the global video games industry, today announces the acquisitions of Indigo Pearl Limited (“Indigo Pearl”) and Jinglebell Communications S.R.L. (“Jinglebell”). The acquisitions will further the Group’s strategy to become the ‘go to’ technical and creative services platform for the global video games industry. 


Led by Caroline Miller and founded in 2000, Indigo Pearl is a full service PR agency specialising in the video game sector.  Based in London, Indigo Pearl’s 10 person team covers traditional as well as social media and influencer driven campaigns.  The company also provides technology enabled asset management solutions through its PXN and DXN digital platforms to ensure fully audited access to its clients’ marketing and PR materials for consumer and trade press and influencer based communications.  Indigo Pearl’s clients include Epic Games, Google Stadia, Devolver Digital, Sony PlayStation, Ubisoft Entertainment and Niantic Inc.

For calendar year 2020, Indigo Pearl is expecting to generate revenue of £1.8m and adjusted EBITDA of £280k.  Under the terms of the acquisition, Keywords Studios will pay initial consideration of £1.1m in cash and the equivalent of £0.5m in new ordinary shares on the first anniversary of completion, which will then be subject to orderly market provisions for a further year.  Deferred consideration of up to £0.4m in cash will be paid to the seller three years from completion subject to certain conditions being met.


Founded in 1981 by Carlo Forester and based in Milan, Italy, Jinglebell is a boutique recording studio that provides audio recording, music production and sound design for video games and advertisements.  Jinglebell’s talented and passionate team of 18 staff delivers thousands of audio files every year for leading game publishers such as Activision, Electronic Arts, Sega, Square Enix, as well as major companies such as Barilla, L’Oreal, Vodafone and Nestlé.

Jinglebell is expected to produce revenue of €2.1m and EBITDA of €0.1m for the year ending 31 December 2020 and under the terms of the acquisition Keywords Studios is paying cash consideration of €1.5m and the equivalent of €0.3m in new ordinary shares on the first anniversary of completion, which will then be subject to orderly market provisions for a further year.

Andrew Day, CEO of Keywords Studios commented:

"We are delighted to have further grown the Keywords family by adding such talented teams in Milan and London.

"We have worked closely with Indigo Pearl for a number of years as they have supported our trade press PR efforts and we know first hand just how well connected in the games industry Caroline and her team are and the high value they add for their clients.  We are thrilled to be able to welcome to the Keywords family one of the best-known names in the industry and a business that further extends the capabilities that our Marketing services can provide to the Group’s client base”.

"Jinglebell is a long established and valued brand in Italy and the team bring unique skills and attributes that will enhance our offering across Audio services, complementing the Group’s existing strength in that market.

"We look forward to working with the highly experienced and creative teams at Jinglebell and Indigo Pearl, supporting their growth and building further on our reputation as the leading provider of highly specialised video games services around the world.”

For further information, please contact:


  Keywords Studios (

  Andrew Day, Chief Executive Officer

  Jon Hauck, Chief Financial Officer

  Joseph Quinn, Investor Relations


  Numis Securities 

  Stuart Skinner/Kevin Cruickshank/Will Baunton


  MHP Communications (Financial PR)

  Katie Hunt/James Midmer/Charles Hirst

[email protected]


About Keywords Studios (

Keywords Studios is an international technical services provider to the global video games industry. Established in 1998, and now with 65 facilities in 21 countries strategically located in Asia, the Americas and Europe, it provides integrated art creation, marketing services, software engineering, testing, localization, audio and customer care services across more than 50 languages and 16 games platforms to a blue-chip client base of over 950 clients across the globe.

Keywords Studios has a strong market position, providing services to 23 of the top 25 most prominent games companies, including Activision Blizzard, Bandai Namco, Bethesda, Electronic Arts, Konami, Microsoft, Riot Games, Square Enix, Supercell, TakeTwo, Epic Games and Ubisoft. Recent titles worked on include Call of Duty: Modern Warfare, Anthem, Star Wars Jedi: Fallen Order, Assassin's Creed Odyssey, Valorant, League of Legends, Fortnite, Clash Royale and Doom Eternal. Keywords Studios is listed on AIM, the London Stock Exchange regulated market (KWS.L).


About Indigo Pearl (

Indigo Pearl is an award-winning UK PR agency specialising in the videogames sector. Established in 2000 and based in London, it is proud to partner with some of the world's biggest brands such as Epic Games, Google Stadia, Devolver Digital, CCP Games, Blizzard Entertainment, Sega Atlus and Niantic Inc. In addition to its PR services, it also builds, hosts and manages press web sites under its PXN brand and provides digital code distribution under its DXN brand. These PR tech platforms provide services to Sony PlayStation, Warner Bros. Interactive Entertainment, Ubisoft Entertainment, Bethesda Softworks and others.

About Jinglebell (

Jinglebell has been a key player in the Advertisement industry for several decades, offering clients such as Barilla, L’Oreal, Nestlé and Vodafone a wide range of audio services, from music production to sound design. Since the early 1990s the company has pioneered audio localization in video games, working on hundreds of titles for leading developers and publishers like Activision, EA, Sega, Square Enix, THQ Nordic and Warner Bros. Interactive Entertainment. After venturing into linear media dubbing and music production for clients like RAI and Atlantyca Entertainment, in more recent years Jinglebell has established The Woods, a digital marketing agency with the know-how to successfully localize marketing content and the ability to grow entire digital ecosystems by cultivating all the touchpoints needed to communicate effectively, from social media to points of sale.



Alex Holt-Kulapalan
Indigo Pearl
[email protected]