Enzyme the catalyst for a 6% EPS upgrade

Keywords’ acquisition of Enzyme strengthens the company’s position in French-speaking Canada, and in localisation and functional testing. Enzyme’s expertise in focus group testing should be a good complement to the recent Player Research acquisition and may support the company’s drive to develop more comprehensive, strategic outsourcing relationships with developers and publishers. The company is paying a mere 4.2x FY15 EBIT for the business and synergies should reduce this multiple in FY17. The deal adds a further 6% to our FY17 EPS.