iCandy has reported record receipts and cash balance in Q1 FY22 and completes key acquisition in its quest to become a metaverse gaming powerhouse.   

Aussie game developer iCandy Interactive (ASX:ICI) has announced its highest cash intake ever, up by 1150% to $4.5 million compared to $400k in the previous quarter.

As at 31 March 2022, iCandy has a record cash balance of $42.3 million, well-positioned to further its mission of becoming a leader in metaverse gaming.


Strategic Acquisitions

Q1 saw iCandy complete a $44.5 million 100% acquisition of Lemon Sky, which establishes the Aussie-listed studio at the summit of gaming across Southeast Asia.

Lemon Sky studios has an existing portfolio of partnerships with big industry players including EA Entertainment, Microsoft Studios, Disney, Nickelodeon, Activision, and Blizzard Entertainment.

Lemon Sky Studios brings immense value to iCandy with its best-in-class team of 450+ highly-skilled talents in game concept design and development, art and animation, motion capture and monetisation design.

On February 28 iCandy announced it had completed its 51% stake in Southeast Asia-based game development and publishing company Storms for $8 million.

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 become a AAA metaverse gaming powerhouse globally. Storm had a revenue of $4.3 million in 2021 and has $7.6 million in liquid assets.

Executives from both Lemon Sky Studios and Storms are taking on roles with iCandy as it bolsters its management credentials.

More recently iCandy announced completion of its 60% acquisition of gaming and backend technology provider Gameconomy for $500k.


Strategic Partnerships  

iCandy said it would make efforts in creating values for its stakeholders, regularly recognisings strategic partners and affiliations that build on to the company’s capabilities in the areas of Web 3.0, gaming and the metaverse.

The company announced its partnership with Froyo Venture Lab in late March. Froyo Lab is backed by global institutional investors like Animoca Brands, BTC12 Capital, GBV.

iCandy and Froyo Lab will collaborate in the development and commercialisation of Web 3.0 metaverse games and NFT series with a guarantee of $4 million in gross revenue by Froyo Lab in its commercial launch of its first collaborative project The Misfit NFT series.

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.