The total consideration for the stake is €2 million ($2.14 million), with an additional condition of the agreement being that the three Flying Sheep founders will continue to lead the studio post-acquisition for at least three years.
Leading Flying Sheep Studios, managing director Thomas Rӧssig, technical director Daniel Nienhaus and creative director Benjamin Cid Pérez have delivered more than 200 games in collaboration with over 50 brands.
The company was founded in Germany in 2014 and, in the fiscal year ending December 2021, made more than €321,000 in revenue. Its in-house HTML5 capabilities are designed for cross-platform utility without the need for downloads, and the acquisition also gives iCandy footing in the European market.
It is iCandy's ambition to become a "AAA metaverse gaming powerhouse".
This isn't iCandy's only acquisition of the year thus far, with the games outfit also acquiring a 51 per cent stake in Singapore-based games startup Storms back in February. More recently, the Australian company revealed its appointment of four new executive team members: David Yin, Tanu Gulati, Shn Juay, and Alvin Chin.