Keywords has acquired Strongbox Ltd for $6m, a fast-growing provider of Art services in China and Indonesia. This is another acquisition that we view positively, seeing that Strongbox has both a quality client and resources base in what is a high growth market and furthermore has been bought for a valuation (1.1x sales) in line with previous acquisitions. We increase FY17E and FY18E EPS by 2.3% and 4.6%, respectively.
