SQID Acquires Stake in ICON Esports
the parent company ICON Esports, has completed a successful 2.15 million dollar capital raise to kick off the 2021 calendar year.
ICON will use the additional capital to further expand and grow its commercial and business activity across its network; including The Chiefs, with a joint focus on the further development of revenue drivers outside of the core esports organisation. Opportunities in the form of strategic mergers and acquisitions and the launch of their new ecommerce business’s - launching in quarter two of this year - will support future ancillary products and expansions for the company.
Athan Lekkas, CEO of SQID says “The team at ICON have done a tremendous job building a sustainable business with significant revenue in an embryonic industry that is set to take off. Even during a global pandemic they have been able to deliver key campaigns with some of the largest brands in the world and solidify themselves as the clear industry leader in the region. With the implementation of SQID’s resources including our payment technology and mobile platforms we look forward to continuing to exponentially grow both businesses together with shared goals and vision for the future.
“With the support of SQID Technologies we will be able to further expand upon our position in the market as the leading gaming and esports brand in the region” said Nick Bobir, CEO of ICON & The Chiefs. “2020 was a tough year around the world but despite the challenges we were able to successfully grow the brand while building aspects outside of the core esports business. It was also very important to spend the last 18 months building a sustainable business and move into profitability which we managed to achieve. We are excited to now focus on key growth areas across the Chiefs and ICON network in 2021 and beyond”.
SQID Technologies Limited [CSE: SQID] is a payment processor headquartered in Australia with proprietary software for online debit or credit card payments for both retail and wholesale transactions. It provides merchant services and transaction processing to business merchants and ecommerce customers across both ‘Business to Business’ (B2B) and ‘Business to Consumer’ (B2C) segments to bridge both retail and wholesale transactions through its platform.
About ICON & The Chiefs
ICON Esports has been helping to shape the commercial landscape of the Oceanic esports and gaming market through brand driven marketing campaigns and partnerships to it’s gaming & esport audience. Since ICON acquired The Chiefs Esports Club in 2019 the club has gone from strength to strength, executing dynamic marketing campaigns for global brands across it’s network of digital channels and media assets while also undertaking live event activations.