iCandy and Lemon Sky Studios Create New Joint Venture Company In KL
Amid all the bad news we’ve been getting lately, players can at least rejoice. We can expect a new games company to appear in KL with Lemon Sky Studios (Lemon Sky) and the iCandy Interactive joint venture (iCandy).
Calm your excitement though, as the company hasn’t even been named yet, though both parties have said it will be announced soon.
According to Lemon Sky’s press release, the joint venture will explore the mobile gaming market.
It will focus on developing 3D mobile games with multiplatform and AAA quality potential, and will also develop its own line of game titles.
Just as a reminder, Lemon Sky Studios is a CGI art and animation studio, while iCandy is a video game development and publishing company.
Lemon Sky was founded in 2006 as an artistic outsourcing company for the video game and animation industries. They have 300 talents who tailor personalized visual art solutions for their clients and partners.
Lemon Sky customers over the past 10 years include Bandai Namco, Microsoft, Disney, and Nickelodeon, to name a few.
iCandy, on the other hand, has a community of over 350 million mobile users worldwide with over 500 million downloads.
In March 2015, they were incorporated as a public company in Australia as an investment holding company.
They have won awards at the International Mobile Gaming Awards (IMGA) and are investing in studios like Appxlore (Malaysia), Inzen Studio (Singapore) and Joyseed Gametribe (Indonesia).
Why this joint venture?
Over the years, Lemon Sky has worked on AAA games such as Marvel’s Avengers, Warcraft 3: Reforged, Call of Duty: Infinite Warfare, Final Fantasy VII Remake, and more.
As iCandy intends to go into developing 3D games with AAA visuals and animations, this will mark its debut in development.
ICandy’s BOD said in a press release that the joint venture was intended to allow the two companies to leverage each other’s strengths to expand their product offerings.
Lemon Sky can bring its world-class animation, digital art skills, and business relationship with the global gaming industry, while iCandy can offer its vast gaming community and experience in mobile gaming and eSports.
Where they stand with this joint venture now
Currently, the initial capital contribution will be RM 1 million and 50/50 from the two companies.
If they need additional funding, it will be an equal contribution or opening up investment opportunities to third party investors.
The financial planning and budget will also be set each year for approval by the board of directors of the joint venture, to which each party can appoint 2 representatives.
Once this is resolved, the Board will appoint the Joint Venture Steering Committee, which will plan and develop the business and product plans for the new company.
They will also appoint a general manager to oversee day-to-day operations.
As for talent, they will hire a whole new pool of team members instead of sourcing from their own companies. However, Lemon Sky and iCandy will help recruit this new team.
“We’re actually in the very early stages of the joint venture. This is a relatively new initiative for both sides and we are learning and determining things as we move forward, ”concluded Ken Foong, CCO and COO of Lemon Sky.
Editor’s Note: We’ve reached out to Lemon Sky and iCandy with a few more questions about the new company and will update the article with their responses.
- You can read more about Lemon Sky here and iCandy here.
- You can read more about the other digital news we’ve written about here.
Featured Image Credit: Wong Cheng-Fei, CEO and Ken Foong, CCO and COO on Lemon Sky Studios
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