Australian cell video games outfit iCandy Interactive has acquired a 51 per cent stake in Singapore-based video games startup Storms for an undisclosed quantity.
Based in 2020 by Singtel, Superior Data Companies (AIS), and SK Telecom, Storms has each a cell video games improvement and publishing arm, with a concentrate on informal and hypercasual titles.
In 2021, Storms generated roughly $3.05 million (SGD $4.1 million) in income, representing a rise of 1,400 per cent over the earlier yr.
Going ahead, Storms will proceed to function its personal model and retain its workforce while iCandy will concentrate on scaling its video games companies to Singel, AIS, and SK Telecom customers. Moreover, Storms’ administration workforce will be a part of the present iCandy administration workforce.
Inflicting a storm
Final yr, Storms launched a brand new studio and partnered with French hypercasual writer Voodoo to create social, instant-play video games and hypercasual titles for cell. Following the partnership, Voodoo revealed the studio’s hypercasual title, AZ Run, which has gathered 9.6 million downloads.
“We recognise many synergies between Storms and iCandy, with Storms making an amazing complementary addition to iCandy’s horizontally-integrated gaming enterprise mannequin,” stated Storms CEO David Yin.
“On the similar time, this acquisition strengthens Storms’ potential to be a trailblazer in delivering extra enjoyable to the gaming group by means of environment friendly sport improvement time and at scale.”
Singtel Group CCO and chairman of Storm’s board Lim Cheng Cheng added: ““We’re wanting ahead to partnering with iCandy because it develops its metaverse gaming ambition. It will additional our collective technique to higher serve our respective prospects with distinctive and fascinating content material.”
Present Storms shareholders have the choice to promote the remaining 49 per cent stake inside an “agreed time period”.
In different acquisition information, Tilting Level has just lately acquired a majority stake in South Korean cell video games developer AN Video games, finest recognized for AstroKings.
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