iCandy acquires Lemon Sky Studios for $32.4 million, raises $29.1 million

Backed by Animoca Brands

Date Type Companies involved Size
November 19th, 2021 acquisition Animoca Brands
iCandy Interactive
iCandy acquires Lemon Sky Studios for $32.4 million, raises $29.1 million

iCandy has acquired Malaysia-based video game and film animation studio Lemon Sky Studios for $32.4 million.

Founded in 2006, Lemon Sky Studios has provided visual art solutions for several Triple A publishers, including Microsoft, Electronic Arts, Disney, and Square Enix.

Following the acquistion, iCandy is now the largest "pure-play' game dev listed on the Australian Stock Exchange, with more than 450 employees and an average yearly revenue of $12.36 million.

It is also the largest indie video game company in Australia, Southeast Asia and New Zealand.

Into the metaverse

Furthermore, in addition to the acquisition, iCandy has raised $29.1 million from. a funding round backed by blockchain specialist, Animoca Brands.

Given iCandy’s interest in the metaverse, Lemon Sky Studios will be a significant part of its expansion within blockchain.

“Lemon Sky Studios is a phenomenal acquisition and an excellent addition to iCandy Interactive," said iCandy Interactive chairman Kin Lau.

'We now have this unparalleled capability in the region, we will focus a fair bit of our newly gained superpower to make high-quality games for the metaverse, arguably the most important development for the gaming world."

Lemon Sky Studios CEO Cheng-Fei Wong added: "Collaborative partnerships in the creative industry are pertinent to keeping things fresh and innovative. We are positive that this merger will encourage creative working methods and bring about new ideas. We are extremely excited about the possibilities that lie ahead."

Last year, Animoca Brands finalised the sale of its mobile games library to iCandy, consisting of 318 titles.

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