iCandy completes Storms acquisition, positions itself in the centre of gaming Metaverse and NFTs
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The completion of Storm will go a long way to launching iCandy’s goal of becoming a global games publisher within the fast growing Metaverse and Web 3.0.
Storms was strategically owned by three leading Telcos in Asia, namely Singtel, AIS and SK Telecom – and they will remain as the 49% shareholders post transaction.
This transaction marks another step in iCandy’s strategy to build a leading integrated Metaverse gaming platform globally; with the merged company a beautifully positioned potential giant of the global gaming sector.
With a revenue of $4.3 million in 2021 and $7.6 million in liquid assets, Storms has been led by an experienced management team hailing from Google, Lazada, Amanotes and Paktor – all of whom are expected to join the iCandy management team post-acquisition.
iCandy believes the acquisition is a great complementary addition to iCandy’s horizontally integrated gaming business model, particularly with respect to its other recent acquisition, Lemon Sky Studios.
The $44.5 million, 100% acquisition of Lemon Sky in November has established iCandy at the summit of gaming across Southeast Asia.
Lemon Sky’s existing portfolio of games, which include Call of Duty, Spider-Man and Marvel’s Avengers, has provided a platform for iCandy to build a global integrated Metaverse gaming platform while capitalising on another emerging trend, NFT gaming.
The acquisition of Storms has now added a new angle to that strategy by giving iCandy access to Storms’ publication of Metaverse-based casual and hyper-casual games through the Google Play and Apple App Stores.
iCandy’s board has placed the company in a good position to extend its reach into the fastest growing market for gaming experiences, the Metaverse, by leveraging Storms’ expansive games publishing network.
Importantly, the acquisition will also give iCandy access to Storms’ extensive network of telcos in the region as well as super apps, increasing the opportunities to monetise.
Post-acquisition, iCandy says it will focus on integrating and harnessing the synergies of the combined businesses to drive accretive value for shareholders.
The company’s 51% acquisition of Storms for a total consideration of $8 million was settled via the issuance of new fully paid ordinary shares at a price of 12.596c per share.
In addition, the existing shareholders of Storms will also have a put option to sell the remaining 49% of Storms to iCandy.
This article was developed in collaboration with iCandy, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.