Back

SQID Technologies Limited Acquires Stake In ICON Esports

G
aming organisation The Chiefs Esports Club, who are operated by Oceanian powerhouse ICON Esports, have received $AUD2.15 million worth of shares from Australian payment processor SQID Technologies Ltd.

ICON will use this capital raised to grow commercial and business activity across its network, which includes The Chiefs.

A focus will also be put on the further development of revenue drivers outside of the core Esports organisation.

CEO of SQID, Athan Lekkas, said ICON have performed admirably during the era of COVID-19.

“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,” Lekkas said.

“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,” he said.

The partnership will allow ICON to form mergers and acquisitions, whilst complimenting their upcoming ecommerce businesses, which will allow for potential expansions of the company.

CEO of ICON and The Chiefs, Nick Bobir, said he is proud of the business’s performance recently despite the hurdles.

“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,” Bobir said.

“It was also very important to spend the last 18 months building a sustainable business and move into profitability which we managed to achieve,” he said.