iCandy Interactive Ltd (ASX:ICI) is acquiring a 60% stake in Gameconomy Sdn Bhd for a consideration of approximately A$497,264.
Based in Kuala Lumpur, Malaysia, Gameconomy is a gaming backend technology development company that has progressed through two global incubator/accelerator programs: Founder Institute and HYPE Spin Accelerator between 2019 and 2020.
The company has been developing Metaverse-related technologies and is working closely with private and public clients to develop smart contracts technologies.
Amongst Gameconomy’s noteworthy clients are MYEG Services Bhd, Malaysia’s flagship e-Government solutions and services provider.
Gameconomy will be working with iCandy on an innovative Metaverse-related real-time player-versus-player (PvP) game which incorporates various gameplay mechanics that account for character improvements and growth, and environment attributes and characteristics.
The game also features a highly integrative feature that allows gamers to interchange in-game assets. The game is anticipated to launch in the first half of 2022.
Gameconomy has provided gamification and tech solutions to an impressive portfolio of clients, including the Malaysian government, Malaysia Airports, Allianz Insurance, QuickSchools, Sunway group of companies, Genting Resorts World, and many others.
Gameconomy is led by a team of experienced software engineers and the team will continue to manage Gameconomy post the acquisition.
iCandy management said the company views the acquisition of Gameconomy as an attractive opportunity to enhance shareholder value, based on the following:
I. Clear synergies and value chain accretive The business synergies between Gameconomy and iCandy is apparent as the acquisition will be able to enhance iCandy’s venture into Metaverse gaming by improving iCandy’s gaming backend tools and capabilities
2. Addition to talent base iCandy will add onto its resources Gameconomy’s experienced team of developers, and this is expected to contribute significantly to iCandy’s vision of creating AAA games for the Metaverse.