Fatfish’s iCandy in talks to acquire Baidu-backed Singapore gaming studio for US$4.4M [e27]

ASX-listed mobile entertainment company iCandy is in the talks to acquire Singapore-based mobile games studio Inzen.

A press released said that discussions have already entered the termsheet phase. The investee of Singapore VC Fatfish plans to acquire Inzen for S$6 million (US$4.4 million).

iCandy — valued at S$36 million (US$26.4 million) — said the acquisition will bring Inzen’s Chinese audience into its fold, allowing it to capture the entire APAC region.

Inzen was founded two years ago by at the Singapore-MIT GAMBIT Game Lab, an organisation formed and funded by the Singapore Government, in collaboration with the Massachusetts Institute of Technology (MIT).

It previously received US$1.3 million of funding from investors including Japanese VC Incubate Fund, Singapore venture builder Hatcher, game content provider Baidu Games (a subsidiary of Baidu), and China’s Global Mobile Game Confederation, as well as angel investors.