HomeNewsMobileiCandy Interactive Acquires Flying Sheep Studios

    iCandy Interactive Acquires Flying Sheep Studios

    iCandy Interactive Ltd has signed a binding agreement to acquire a 60% stake in Flying Sheep Studios GmbH on the 8th of June – for total consideration of EUR2 million (MYR 9.83 million).

    Pursuant to the binding agreement, iCandy Group is investing a total of EUR2 million
    (MYR 9.83 million) in exchange for a 60% interest in Flying Sheep Studios, detailed as

    • EUR1.2 million cash investment into Flying Sheep Studios to
      subscribe for 37.5% of the enlarged share capital of Flying Sheep Studios, and
    • EUR0.8 million consideration in exchange for 22.5% of Flying
      Sheep Studios from the Founders of Flying Sheep Studios, to be satisfied as follow:

      • cash of EUR400,000 (AUD603,000) (“Cash Consideration”), and
      • via the issuance of 4,606,549 new fully paid ordinary shares (“Consideration
        Shares”) of iCandy Group worth EUR400,000 (AUD603,000), at an issue price of
    • In addition, the Founders of Flying Sheep Studios will collectively be given 500,000
      unlisted options (“Options”), to be granted within 15 business days from the Closing
      Date. Each Option shall grant the right to acquire one iCandy Group share at a
      strike price of AUD0.125, and shall expire on 5 April 2027.

    iCandy Interactive Ltd

    While iCandy Interactive is known for web 3.0 its game development, publishing and their recent partnership with Froyo Games, there are also various development studios under their wing. The most prominent being the legendary subsidiary, the Lemon Sky Studios.
    Lemon Sky Studios is a video game, game art and animation studio founded in 2006 with an impressive portfolio of video games, including major AAA game titles such as Uncharted: The Lost Legacy, The Last of Us Part 2, Final Fantasy VII Remake, the Final Fantasy XIV franchise, Final Fantasy XV, Diablo III, StarCraft: Remastered, Command & Conquer Remastered, Marvel’s Spider-Man, and many others.

    Flying Sheep Studios: Inhouse Gaming Development Capabilities

    Flying Sheep Studios is a gaming backend technology development company founded in 2014 in Cologne, Germany and led by a team of experienced software engineers:

    • Thomas Rӧssig, Managing Director
    • Daniel Nienhaus, Technical Director
    • Benjamin Cid Pérez, Creative Director

    Having delivered over 200 games to satisfied clients including DreamWorks Animation, Flying Sheep Studios has an impressive track record of game development and gamification with more than 50 brands worldwide. Flying Sheep Studios recorded more than EUR 321,000 (MYR 1.5 million) in revenue in its fiscal year ending December 2021.

    Flying Sheep Studios’ inhouse HTML5 developer capabilities provide for on time, quality games with its web technology that is size- and speed-efficient with cleaner and neater code, as well as reduce load on servers. In addition, HTML5 supports rich media elements which enable media material plays and reduce plugin needs; and designed for cross-platform usability without downloads nor installation.

    Content Producer at BunnyGaming. Sith. Retribution Paladin. Exo Hunter. Annoying Husband. Father of two dogs, brother of six dogs. Metal head. Chef-at-home. Too busy to gym. Four eyes.


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