Australian mobile games company iCandy Interactive has acquired a 51% stake in Singapore-based games startup Storms for an undisclosed amount.
Founded in 2020 by Singtel, Advanced Info Services (AIS) and SK Telecom, Storms has both a mobile game development and publishing arm, with a focus on casual and hypercasual titles.
In 2021, Storms generated approximately $3.05 million (SGD$4.1 million) in revenue, an increase of 1,400% over the previous year.
Going forward, Storms will continue to operate its own brand and retain its team while iCandy will focus on scaling its gaming services for Singel, AIS and SK Telecom users. Additionally, the Storms management team will join iCandy’s existing management team.
causing a storm
Last year, Storms launched a new studio and partnered with French hypercasual publisher Voodoo to create instant social games and hypercasual titles for mobile. Following this partnership, Voodoo released the studio’s hypercasual title, AZ Run, which racked up 9.6 million downloads.
“We recognize many synergies between Storms and iCandy, with Storms being a great complimentary addition to iCandy’s horizontally integrated gaming business model,” said Storms CEO David Yin.
“At the same time, this acquisition strengthens Storms’ ability to be a pioneer by providing more enjoyment to the gaming community through efficient and large-scale game development time.”
Lim Cheng Cheng, CCO of Singtel Group and Chairman of the Board of Storm, added: “We look forward to partnering with iCandy as it develops its metaverse gaming ambition. This will strengthen our collective strategy to better serve our respective customers with unique and engaging content.”
Current Storms shareholders have the option to sell the remaining 49% stake within an “agreed timeframe”.
In other acquisition news, Tilting Point recently acquired a majority stake in South Korean mobile game developer AN Games, best known for AstroKings.