SYDNEY, AUSTRALIA: iCandy Interactive has signed a binding term sheet to acquire a 60% shareholding in gaming backend technology tools provider Gameconomy for a cash and share equivalent consideration of A$497,297.
Based in Kuala Lumpur, Malaysia, Gameconomy is a gaming backend technology development company that has progressed through two global incubator/accelerator programs: Founder Institute and HYPE Spin Accelerator between 2019 and 2020.
The company has been developing Metavers e-related technologies and is working closely with private and public clients to develop smart contracts technologies.
Amongst Gameconomy’s noteworthy clients are MYEG Services Bhd, Malaysia’s flagship e-Government solutions and services provider.
Gameconomy will be working with iCandy on an innovative Metaverse-related real-time player-versus-player (“PvP”) game which incorporates various gameplay mechanics that account for character improvements and gr owth, and environment attributes and characteristics.
The game also features a highly integrative feature that allows gamers to interchange in-game assets. The game is anticipated to launch in the first half of 2022.
Gameconomy has provided gamification and tech solutions to an impressive portfolio of clients, including the Malaysian government, Malaysia Airports, Allianz Insurance, QuickSchools, Sunway group of companies, Genting Resorts World, and many others.
Gameconomy is led by a team of experienced software engineers and the team will continue to manage Gameconomy post the acquisition.
The business synergies between Gameconomy and iCandy is apparent as the acquisition will be able to enhance iCandy ’s venture into Metaverse gaming by improving iCandy’s gaming backend tools and capabilities.
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.
iCandy Interactive runs a portfolio of mobile games that have been played by over 360 million mobile gamers worldwide and has won multiple awards in various coveted international events.
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