SYDNEY, AUSTRALIA: iCandy Interactive Limited has entered a Share Sale Agreement to acquire 100% of Southeast Asia-based game art and animation company, Lemon Sky Studios.
iCandy is acquiring 100% of Lemon Sky Studios from its two founders for a total consideration of MYR 135 million (A$44.5 million).
Lemon Sky Studios is the joint-venture partner of iCandy in the formation of Sky Candy Sdn. Bhd. that is currently developing a AAA-style mobile game based on the combined expertise of iCandy and Lemon.
Lemon Sky Studios is a video game, game art and animation studio founded in 2006 with an impressive portfolio of video games, including major global AAA game titles such as Uncharted: The Lost Legacy, the Last of Us Part 2, Final Fantasy VII Remake, the Final Fantasy XIV franchise, Final Fantasy XV, Diablo 3, StarCraft: Remastered, Command & Conquer Remastered, Marvel’s Spider-man, and many others.
Notable clients and partners who have worked with Lemon Sky Studios include EA Entertainment, Microsoft Studios, Disney, Nickelodeon, Blizzard Entertainment, Naughty Dog, 2K Games, Square-Enix and Bandai Namco.
Lemon presently employs over 350 highly skilled artists from around the world and is headquartered in Kuala Lumpur, Malaysia.
The combined entity will have more than 450 talented full-time employees skilled in A-Z game-making, including game concept development, game design, game art, animation, 3D modelling, motion capture, software development and game monetisation design.
The management of iCandy views the securing of a 450-strong team as a key synergetic outcome of the acquisition due to talent scarcity within the industry.
The acquisition, expected to complete in three months, will significantly enhance the financial position of iCandy. The combined entity is expected to have multiple new revenue streams which will provide further diversification and robustness going forward.
iCandy Interactive Limited (ASX: ICI) is an Australian publicly traded company that has its core business in the development and publishing of mobile games and digital entertainment for a global audience. www.icandy.io