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iCandy Acquires Renowned Lemon Sky Studios, To Form Largest Game Development Company in Australia and Southeast Asia

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iCandy Interactive Limited announced its 100% acquisition of the leading Southeast Asian gaming studio, Lemon Sky Studios. This acquisition adds strategic value and significant scale to iCandy’s existing capabilities. It will form the largest pure-play game development company on the Australian Stock Exchange, and in Australia and Southeast Asia too, with more than 450 employees while generating no less than A$17 million (US$12.36 million) revenue per annum.

With significant interest and best-regarded growth in gaming driven by the metaverse concept, iCandy Interactive and Lemon Sky will be a leading powerhouse through its regional expansion plans in developing casual and AAA gaming on blockchain for the open metaverse.

The metaverse is a virtual world that allows work and play, shared by millions (or billions) of people. It is built with next-generation technology encompassing Virtual Reality, Augmented Reality and Video and Gaming technologies.

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iCandy Interactive’s core business is in game development, game publishing, and esports. The company is the co-founder of the global esports league and platform, Esports Players League (ESPL), fast-growing across 17 countries in Southeast Asia, South Asia, Latin America and Europe.

Games on the iCandy network are played by over 360 million mobile gamers worldwide. The gaming studios based in Malaysia, Singapore and Indonesia have won multiple awards, including Google Play’s Best of 2016 and 2017 New Android Excellence Game Award* Games Award for Crab War and other various coveted international events.

Its latest game release, Claw Stars, is a top-rated mobile game with over 1 million downloads since its initial release in July 2021. It has received more than 50,000 4-star and 5-star reviews on Google Play and App Store.

Founded in 2006, Lemon Sky Studios is an award-winning video game and animation studio world-renowned for providing innovative visual art solutions for critically acclaimed

AAA gaming titles ranging from Overwatch 2, Call of Duty – Infinite Warfare, to SimCity, Diablo 3, StarCraft: Remastered, amongst many other illustrious titles.

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The studio has amassed an incredible clientele over its 15-year history, working with gaming industry leaders such as Blizzard Entertainment, Naughty Dog, 2K Games, Square-Enix, Bandai Namco, Microsoft Studios, EA Entertainment, Disney and Nickelodeon.

“Lemon Sky Studios is a phenomenal acquisition and an excellent addition to iCandy Interactive. We now have this unparalleled capability in the region, we will focus a fair bit of our newly gained superpower to make high-quality games for the metaverse, arguably the most important development for the gaming world.” says Kin W. Lau, Chairman of iCandy Interactive.

He adds, “Lemon Sky Studios’ track record in creating world-class visuals for AAA games is highly regarded in the industry. To merge our expertise with a studio like Lemon Sky is truly phenomenal, and we cannot wait to see the outcome of integrating our teams,”

“Collaborative partnerships in the creative industry are pertinent to keeping things fresh and innovative. We are positive that this merger will encourage creative working methods and bring about new ideas. We are extremely excited about the possibilities that lie ahead,” said Cheng-Fei Wong, CEO of Lemon Sky Studios.

The acquisition will be at a valuation of MYR135 million (A$44.5 million, US$32.4 million), to be fulfilled together with cash and newly issued iCandy shares.

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Concurrent with the acquisition, iCandy has also announced that it has raised A$40 million (US$29.1 million) from institutional investors via a placement that is heavily oversubscribed.

Leading iCandy’s latest fundraising round is another gaming heavy-weight, Animoca Brands, iCandy’s cornerstone investor. Animoca is a global leader in gamification technology and blockchain gaming with an extensive portfolio of over 100 investments in NFT-related companies and decentralised projects contributing to building the open metaverse. They raised more than US$200 million in 2021 and is currently valued by investors at US$2.2 billion. Separately, The Sandbox – Animoca’s subsidiary raised US$93 million recently, in a round led by Softbank Vision Fund 2.

The global video game industry is estimated to be worth A$214.33 billion (US$155.95 billion) in 2020**. With the APAC region leading the industry at 49% of the worldwide market, there is a clear pathway for growth with enormous upside potential expansion.

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Asia

ProgressPlay takes new standalone product to Asia

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ProgressPlay, renowned as one of Europe’s Top 10 Casino Tech Solutions Providers in 2024, is set to make waves in the Asian iGaming sector with its groundbreaking standalone product. Making its debut at SIGMA Asia 2024 in Manila, ProgressPlay aims to captivate attendees with its innovative offerings showcased at stand BR917.

With ProgressPlay’s new standalone product, partners are able to market all markets.

SIGMA Asia, slated to run from June 3rd to 5th at Manila’s esteemed SMX Convention Centre, has already generated immense anticipation within the industry. With a diverse array of top-tier B2B and B2C exhibitors, including ProgressPlay, the event promises to be an unrivaled gaming hub, expected to attract over 20,000 delegates.

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The Asian iGaming industry is experiencing exponential growth, fueled by technological advancements and a surge in demand for online gaming experiences. With the widespread adoption of mobile devices and digital payment methods, coupled with the popularity of online gaming, the sector presents lucrative opportunities for gaming entrepreneurs seeking to establish their presence across the continent, starting with a standalone solution.

Marina Nahhas, Sales and Marketing Manager at ProgressPlay said: “We are super excited making our debut at SIGMA Asia with our latest products. Our standalone product has huge potential for local markets and the exhibition gives us an excellent opportunity to present it to a large number of potential new customers.”

ProgressPlay’s standalone licensee offering made its debut at ICE back in January, and in this arrangement ProgressPlay serves as the technology provider while partners take charge of all their own operations.

ProgressPlay’s platform has been meticulously developed over the years, boasting a team of top-notch professionals dedicated to serving regulated markets including the UK. The platform is fully equipped to meet all the diverse requirements, many of which are proprietary services developed in-house.

Notably, ProgressPlay’s platform boasts proprietary AI capabilities for safer gambling shortlisted in the EGR Awards, setting it apart in the industry. Moreover, the platform offers unparalleled flexibility, enabling operators to tailor their offerings to specific regions and regulatory requirements. Through a strategic joint venture with a reputable cashier, ProgressPlay facilitates seamless integration of various payment methods, catering to the diverse needs of its partners.

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ProgressPlay CEO Itai Loewenstein said:“The biggest advantage of the standalone platform is that it enables operators to have a much wider selection of countries and regulatory territories to choose from based on the licenses they hold and the built-in proprietary cashier that is easily adapted to the relevant markets and payment processors. An additional advantage for operators is the ability to create brands under the standalone platform, which is especially helpful in generating healthy ROI in Asian markets which we will be showcasing on stand BR917 at SiGMA Asia.”

The post ProgressPlay takes new standalone product to Asia appeared first on European Gaming Industry News.

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Fun88 India Launches ‘Fun88 X Evolution’ for Guaranteed Wins

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Fun88 India, a leading name in the online gaming industry, has announced the launch of its latest collaboration with Evolution Gaming. “Fun88 X Evolution”, this exciting venture aims to elevate the gaming experience for players, offering a chance at guaranteed wins and exclusive prizes.

I) Lightning 888: Spark Big Wins

Experience the excitement of Lightning Roulette and XXXtreme Lightning Roulette from Evolution Games. Players placing a minimum bet of 400 INR or more on numbers ‘8,’ ‘18,’ or ‘28,’ can win guaranteed prizes of up to 25x on the bet, in addition to regular wins. Get struck by lightning-fast & guaranteed rewards.

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II) Lucky Drop: Win Boosters

Win boosters with random cash prizes alongside regular wins in the beloved Crazy Time or Funky Time from Evolution games. With potential rewards reaching up to 100x on the bet, every bet holds the promise of a windfall. Place a minimum bet of 10 INR or more only and stand a chance to win this delightful surprise.

Fun88 app offers a seamless and convenient entertainment experience on Android or iOS devices. With 24/7 customer support and streamlined deposit and withdrawal processes, Fun88 ensures a hassle-free gaming experience for all users.

The post Fun88 India Launches ‘Fun88 X Evolution’ for Guaranteed Wins appeared first on European Gaming Industry News.

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Resorts World Sentosa Signs MoU for Sentosa Precinct Partnership

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Resorts World Sentosa (RWS) has signed a Memorandum of Understanding (MOU) with the Sentosa Development Corporation (SDC), DBS Bank (DBS) and Singapore Tourism Board (STB) for the development of a Sentosa Precinct Partnership, a multi-lateral partnership aiming to drive Sentosa’s tourism growth.

The announcement of the multilateral partnership comes after the soft opening of Sentosa Sensoryscape, a 350-metre-long connector featuring six sensory gardens with night experience that is directly linked to Ave8 at RWS.

The Memorandum of Understanding (MOU) has been signed during STB’s Tourism Industry Conference, with Minister Grace Fu, Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, presiding over the event.

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The signatories included Michael Ma, Assistant Chief Executive (Business and Digital Technology Group) of SDC; Lee Shi Ruh, President of RWS; Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore) at DBS; and Kenneth Lim, Assistant Chief Executive (Marketing Group) at STB.

Also present at the signing were Thien Kwee Eng, SDC CEO, Tan Hee Teck, RWS CEO, Han Kwee Juan, Singapore Country Head of DBS Bank; and Melissa Ow, STB CEO.

RWS, which operates Southeast Asia’s first Universal Studios theme park, is located on the 500-hectare Sentosa island, which houses an array of themed attractions, spa retreats, and resorts. The resort will be hosting Asia’s premier of Harry Potter: Visions of Magic in the later half of 2024.

The post Resorts World Sentosa Signs MoU for Sentosa Precinct Partnership appeared first on European Gaming Industry News.

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