Predict your next investment

INTERNET | Internet Software & Services / Gaming
mightykingdom.com

See what CB Insights has to offer

Founded Year

2010

Stage

Corporate Minority - P2P | IPO

Market Cap

0.03B

About Mighty Kingdom

Mighty Kingdom (ASX: MKL) is the largest developer of video games in Australia.

Mighty Kingdom Headquarter Location

Game Plus, Level 2 44 Pirie Street

Adelaide, South Australia, 5000,

Australia

Latest Mighty Kingdom News

iCandy acquires ASX-listed game developer Mighty Kingdom

Sep 20, 2021

September 20, 2021 SYDNEY, AUSTRALIA: iCandy Interactive Limited has acquired 11.78 million shares translating into 7.78% of ASX-listed game developer Mighty Kingdom Ltd. The acquisition is completed at A$0.135 per Mighty Kingdom ordinary share, costing a total of A$1.59 million and is funded by existing cash reserves of iCandy. Potential Cooperation Between The Companies Mighty Kingdom is one of the largest Australian-headquartered game developers that develops and publishes games, much like iCandy. The nature of business of both companies are largely similar. The acquisition fits with iCandy’s strategy of expanding its reach within the gaming sector in the region; driving value through collaboration and partnerships with strategic partners. iCandy views the team, existing portfolio and the forward pipeline at Mighty Kingdom favourably and believes that potential business synergies can be explored through leveraging iCandy’s expertise in game development and distribution, especially into high value gaming markets in Asia . Attractive Propositions to iCandy The Company believes that Mighty Kingdom’s valuation is attractive when compared to regional peers, given that only a handful of gaming companies are listed on the ASX. As such, the acquisition of a significant shareholding in Mighty Kingdom at the price paid per share represents a compelling value opportunity for shareholders. On the same basis, iCandy had recently announced, on 17 September 2021, an On Market Share Buy Back Program of the company’s own shares in line with shareholder value maximisation. Following successes of the Company’s launch of game titles Claw Stars on 30 June 2021 and Masketeers: Idle Has Fallen on 8 October 2020, as well as significant capital raising in the year 2020, iCandy’s Board is of the opinion that it is well positioned to source growth opportunities through mergers and acquisitions to supplement its ongoing organic development program. Going forward, the Company will continue to review value-adding acquisitions within the sector whilst maintaining momentum within its internal development pipeline, including the release of hyper-casual game platform and games under Nextgamer, as well as the soon-to-be released game from the joint venture with Lemon Sky Studios – Sky Candy. iCandy’s Chairman, Kin Wai Lau, commented: “The synergies between iCandy and Mighty Kingdom are clear and straightforward. We see the acquisition of a significant stake in Mighty Kingdom as a potential starting point of various opportunities to drive value for both companies.“ iCandy Interactive Ltd share price 0.072 AUD−0.0020 (2.70%)today 20 Sep, 2:19 pm GMT+10 · Disclaimer

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Mighty Kingdom Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Mighty Kingdom Rank

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.