iCandy Interactive has made a new investment in the hyper-casual field. The Australian-based mobile game company acquired 51% of the hyper-casual game developer and publisher Storms. Thus, iCandy Interactive will hold the majority of shares in Singapore-based Storms and have a say.
Although Storms is majority-owned by iCandy, it will continue to operate its own brand and retain its team. Storms’ management team members will join iCandy. iCandy will focus on scaling game services.
It was not disclosed how much the sale took place. Founded in 2020 by Singtel, Advanced Info Services (AIS), and SK Telecom, Storms carries out development and publishing activities in the hyper-casual field. In 2021, Storms’ revenues were $3 million, up 1400% from the year it was founded.
Also, last year, Storms partnered with Voodoo. Published by AZ Run Voodoo, owned by Storms, it has reached close to 10 million downloads. On the subject, Storms CEO David Yin said:
“We recognize many synergies between Storms and iCandy, with Storms making a great complementary addition to iCandy’s horizontally-integrated gaming business model. At the same time, this acquisition strengthens Storms’ ability to be a trailblazer in delivering more fun to the gaming community through efficient game development time and at scale.”
A period of time was also given to the shareholders holding the remaining 49% of the shares. Shareholders will be able to sell their shares within the “agreed period of time” if they wish. Lim Cheng Cheng, Singtel Group CCO and Chairman of Storm, added:
“We are looking forward to partnering with iCandy as it develops its metaverse gaming ambition. This will further our collective strategy to better serve our respective customers with unique and engaging content.”
