SYDNEY, AUSTRALIA: iCandy Interactive Ltd (ASX: ICI) announced the completion of the 60% acquisition of Southeast Asia based gaming backend technology tools provider, Gameconomy Sdn Bhd.
iCandy acquired 60% of Gameconomy for a total consideration of MYR 1.5 million (A$ 497,264).
Gameconomy, which is a gaming backend technology development company with a track record in developing metaverse-related technologies such as smart contracts, counts MYEG Services Bhd (MYEG), Malaysia’s flagship e-Government solutions and services provider, as one of its noteworthy clients.
Gameconomy is also in the midst of developing a metaverse-related real-time player-versus-player (PvP) game and will leverage iCandy’s strong operational track record for an anticipated launch in the first half of 2022.
The Management at iCandy, as well as Gameconomy, recognise many synergies between the companies, with Gameconomy making a great complementary addition to iCandy’s horizontally integrated gaming business model by augmenting its software engineering and technology capabilities. Together, the combined business entity is expected to become a key player in the metaverse and Web 3.0 gaming space.