iCandy plans to enter the metaverse with a gaming backend tech deal
iCandy’s deal with Malaysian company Gameconomy will spearhead its entry into the burgeoning metaverse.
game developer iCandy Interactive (ASX: HERE) announced the acquisition of a 60% stake in Gameconomy Sdn Bhd, the leading game backend developer in Southeast Asia.
iCandy will pay MYR 1.5 million ($497,264) in cash and shares for the game software company based in the Malaysian capital Kuala Lumpur.
Gameconomy specializes in gaming technology, related to real-time in-game analytics and player versus player (PVP) game mechanics.
Gameconomy is led by a team of experienced software engineers, with the team continuing to manage Gameconomy after the acquisition.
New Metaverse Tied PVP Game
The deal will spearhead iCandy’s entry into the metaverse, which is attracting the attention of investors and companies around the world.
The metaverse is already worth around $22 billion and is expected to grow at a staggering CAGR of 41.7% by 2030.
More recently, Facebook changed its name to Meta and has been very vocal about transitioning from a social media company to a metaverse company, with founder Mark Zuckerberg detailing his ambitious plan to “build the metaverse.”
Gameconomy and iCandy will work together on an innovative metaverse real-time player versus player (PvP) game, slated for launch in the first half of 2022.
The game will incorporate various gameplay mechanics that take into account character upgrades and growth, as well as attributes and features of the environment.
It will also have a highly integrative feature that allows players to trade in-game assets.
Gameconomy develops technologies related to the metaverse and works closely with private and public clients to develop smart contract technologies.
MYEG Services Bhd, Malaysia’s leading provider of e-government solutions and services, is among Gameconomy’s notable clients.
Other clients include the Malaysian Government, Malaysia Airports, Allianz Insurance, QuickSchools, Sunway Group of Companies and Genting Resorts World.
Add to the value chain
iCandy believes the business synergies between the two companies will strengthen its metaverse gaming venture by enhancing iCandy’s gaming backend tools and capabilities while strengthening its talent base.
Gameconomy’s team of experienced developers will be part of iCandy’s resources, which should contribute significantly to iCandy’s vision of creating AAA games for the metaverse.
Shareholders approve takeover of Lemon Sky
Gameconomy’s announcement comes a day after iCandy’s ~100% shareholders approved its acquisition of Lemon Sky Studios for MYR135 million (~$44.5 million).
With an extensive portfolio of partnerships with the biggest global players in the industry, Lemon Sky has established itself as a leading studio in the Southeast Asian region.
The combined entity will form one of the largest game studios in the Australasia region, with over 450 highly skilled full-time staff in game design, development, game art and game production. animation.
iCandy’s stock price rose 11.5% today to 0.145 cents.
This article was developed in conjunction with iCandy, a Stockhead advertiser at the time of publication.
This article does not constitute advice on financial products. You should consider obtaining independent advice before making any financial decisions.