iCandy picks up Animoca Brands mobile game portfolio for $3.8M

Animoca Brands has struck a deal that will ultimately see its entire catalog of mobile games sold to iCandy Interactive for $3.8 million in iCandy shares and cash.

According to PocketGamer, 318 of Animoca Brands casual mobile games are included in the sale. Altogether, those titles boast as many as 325 million players. The move itself serves to help Animoca refocus away from casual mobile titles and toward what it describes as "core titles" and VR.

The arrangement nets the Austrailian publisher and developer $760,000 in cash with the remaining $3 million being offered as iCandy shares. Past that, the company also stands to receive up to $2.28 million in performance-based payouts over the next two years if the transferred titles surpass $760,000 in net profit per year. 

"We are excited to work with the extensive casual games portfolio of [Animoca Brands]. This will represent a major milestone for [iCandy] in our strategic plan to become a leading international mobile games and entertainment group," said iCandy Chairman Kin-Wai Lau. "The combined game portfolio will entirely transform our publishing capability and will have a very positive impact on our existing business."