Miguel Cordon · · 1 min readAustralian 🎮 developer buys Singtel-owned firm
Australian mobile gaming firm iCandy is set to acquire a majority stake in Southeast Asian game developer and publisher Storms for A$8 million (US$5.7 million). The stake is owned by three of Storms’ founders: telco majors Singtel, Advanced Info Service, and SK Telecom.
Photo credit: Spout
According to a statement, iCandy is set to buy a 51% stake in Storms. Remaining shareholders after the deal also have the option of divesting their shares to iCandy within an agreed period.
Founded in 2020, Storms develops casual games offered through the Google and Apple app stores. For the financial year ended December 31, 2021, Storms generated revenues of about US$3.1 million.
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After the deal, iCandy expects Storms’ network of telcos and connections to super apps to help the former extend the reach of its portfolio of titles.
The buy also follows iCandy’s acquisition of art studio Lemon Sky Animation, a deal that the mobile gaming firm said puts it in a position to develop top-tier games for the metaverse.
Currency converted from Australian dollar to US dollar: US$1 = A$0.71.
Editing by Collin Furtado and Lorenzo Kyle Subido
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