8 February 2022 - Singapore-based gaming startup Storms today announced the acquisition of its 51% stake by ASX-listed mobile gaming company iCandy Interactive (“iCandy”).
Established in March 2020 by Singtel, Advanced Info Services (“AIS”), and SK Telecom, Storms has a mobile game development and publishing arm that focuses on casual and hyper-casual games. Within two years, this business arm has successfully developed a mobile hit game named AZ Run, which has been downloaded over 9.6 million times on Android and iOS in less than a year.
In addition, Storms owns a business line that provides instant games and gamification solutions to businesses and app partners for acquiring, engaging, and retaining their user base in a meaningful way. This business line has clinched B2B gaming partnerships with leading companies, including Flash Coffee, Halfbrick Studios, KaiOS Technologies, POPS Worldwide, and Voodoo. Storms’ instant gaming content was also launched on Indonesia’s superapps including Bukalapak and Gojek last year.
With its key business lines being well-positioned to become the one-stop-shop for an array of gaming services, Storms generated S$4.1 million in revenues in 2021, representing a surge of 1,400% from its FY 2020 reported revenues with a positive return on ad spend (ROAS) throughout the second half of 2021.
David Yin, CEO of Storms, said:
“We recognise 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.”
Following the acquisition, Storms will continue to operate as its own brand and retain its team, while iCandy will work with its new strategic shareholders in bringing next-level integrated gaming experience to the millions of digital users that Singel, AIS, and SK Telecom are serving.
Storms’ management team - which is made of senior and experienced leaders from Google, Lazada, Amanotes, and Paktor - will also join the existing iCandy management team.
Commenting on how the acquisition will allow Storms to collaborate and advance iCandy’s goal of developing the gaming Metaverse, Lim Cheng Cheng, Singtel’s Group Chief Corporate Officer and Chairman of Storms’ Board said:
“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.”