iCandy Interactive (ASX: ICI) has officially completed its acquisition of Lemon Sky Studios, which is known for its involvement in developing AAA games, with the joint entity to launch a pipeline of NFT and metaverse gaming projects.
The $44.5 million acquisition was first announced in November last year, with iCandy to pay $17.8 million in cash and issue $26.7 million shares.
Based in South East Asia, Lemon Sky was founded in 2006 and has what iCandy describes as an “impressive and very large portfolio of video games” it has worked on such as Call of Duty Infinite Warfare, Need for Speed Hot Pursuit, Spider-Man and Marvel’s Avengers.
Lemon Sky also has existing partnerships with large industry players such as EA Entertainment, Microsoft Studios, Disney, Nickelodeon, Activision and Blizzard Entertainment.
Skilled A-Z gaming workforce
With the acquisition complete, Lemon Sky’s 350 personnel will combine with iCandy’s existing team to create a “talented” and full-time workforce of 450 employees.
Personnel are experienced in game concept development, design, art, animation, 3D modelling, motion capture, software development and monetisation.
iCandy expects the combined entity will have among the “best-in-class” skills and experience to develop more AAA games, intellectual property and independently publish new games.
NFT and metaverse
As part of this, the integrated company will undertake “more ambitious projects” within the global gaming market with a focus on NFT and metaverse areas.
Lemon Sky’s team has already begun assisting with a pipeline of three generative arts NFT projects and nine NFT and metaverse-based game titles.
Earlier this week, to facilitate publishing capabilities and distribution of these new developments, iCandy secured a 51% interest in South East Asia-based Digital Games International – trading as Storms.
iCandy acquired the stake in Storms for $8 million shares and has the option to buy out the remaining 49% within an agreed time period.
Storms has an extensive games publishing network within South East Asia.