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Improbable sells gaming subsidiary to Keywords for £76.5m

Improbable gaming
Image credit: T. Schneider /

The venture division of London-based tech unicorn Improbable has sold its game services subsidiary to Keywords Studios for £76.5m.

The Multiplayer Group (MPG), which has 360 employees, counts game publishers Activision Blizzard and Epic Games among its customers.

Improbable acquired MPG for £30m in 2019. It has since grown its workforce sixfold, with staff spread across 34 countries.

Founded in 2012, Improbable develops infrastructure for metaverse worlds.

“We are delighted to see MPG embark on its next chapter with Keywords, who we’ve always seen as a like-minded business partner,” said Herman Narula, founder and CEO of Improbable.

“Nurturing and fostering ventures across Sports, web3, fashion is at the heart of our philosophy and allows us to realise lasting value. We are confident that MPG will continue to grow within the Keywords environment, while this first success allows us to continue to deliver on our Venture Dealbook in 2024.”

Financial results published by Improbably in September show the company cut its losses by £132m to £19m. It is yet to make a profit but revenues more than doubled in the 2022 financial year.

This year the company has restructured to focus on metaverse technology development, metaverse experience development and metaverse venture building.

In the summer Improbable sold its defence and national security arm to an investment group led by multi-family office NOIA Capital for an undisclosed sum.

This time last year the metaverse company scaled back staff in its defence division in a bid to cut costs.

Improbable landed a $3.4bn valuation in October 2022 after securing several big-money funding rounds from the likes of SoftBank and Andreessen Horowitz.