- iCandy Interactive (ICI) acquires a 60 per cent stake in German game development company Flying Sheep Studios for €2 million (A$3.01 million)
- The company will pay Flying Sheep €1.2 million (A$1.78 million) in cash for 37.5 per cent and €0.8 million (A1.18 million) for another 22.5 per cent in the company
- At present, iCandy stands as the largest independent game developer in Australia, New Zealand and Southeast Asia
- Shares in iCandy Interactive were up 3.08 per cent to 6.7 cents as of 10:34 am AEST
iCandy Interactive (ICI) is set to acquire a 60 per cent stake in German game development company Flying Sheep Studios for €2 million (A$3.01 million).
As part of the acquisition arrangement, the three founders Thomas Rӧssig, Daniel Nienhaus and Benjamin Cid Perez have signed a three-year management contract to continue to lead Flying Sheep Studios post-acquisition.
The company will pay Flying Sheep €1.2 million (A$1.78 million) in cash for an initial 37.5 per cent stake and €0.8 million (A$1.18 million) in exchange for another 22.5 per cent, consisting of €400,000 (A$592,000) cash and approximately 4.6 million shares at $0.13 each.
In addition, the founders of Flying Sheep will collectively be given 500,000 unlisted options to be granted within 15 business days from the closing date, expiring on April 5, 2027.
The company will add over 600 of Flying Sheep Studio’s experienced team of developers and software engineers to its existing pool of talent which is expected to propel iCandy’s vision of becoming a global AAA metaverse gaming powerhouse.
At present, it stands as the largest independent game developer in Australia, New Zealand and Southeast Asia.
Flying Sheep Studios is a gaming backend technology development company founded
in 2014 in Cologne, Germany which has delivered over 200 games to clients like DreamWorks Animation.
It recorded more than €321,000 (A$475,000) in revenue in its fiscal year ending December 2021.
The acquisition of Flying Sheep Studios marks iCandy’s footing in the European gaming market.
The European gaming market is projected to be worth USD27.4 billion in 2022 in the video games segment.
Shares in iCandy Interactive were up 3.08 per cent to 6.7 cents as of 10:34 am AEST.