The video game engine creator Unity Technologies is planning on going public early next year, according to reports from Cheddar.
An anonymous source told Cheddar the start-up company is planning its Initial Public Offering (IPO) for the first half of 2020, as long as market conditions remain favourable.
This rumoured news comes off the back of John Riccitiello (CEO) stating that Unity Technologies is currently worth more than $3 billion and earns around $300 million a year in revenue. Back in April 2018, Riccitiello has also been quoted saying,
“We’re not putting out dates but I do believe the company is strong enough financially to go public now.”
However, Unity spokespersons have responded by saying it doesn’t comment on IPO speculation.
Unity Technologies are responsible for one of the most popular development engines; Unity. The real-time 3D (RT3D) development platform is licensed to developers, who then use the engine to build a variety of 2D, 3D, VR, and AR based games.
According to Unity, the company’s software is used across nearly 3 billion devices globally. The engine is cause for high profile games, such as Ori and the Blind Forest, Pokémon Go and even Cuphead, being built. There is good chance you currently have a Unity powered game installed on your device.
The company also generates revenue from ads placed within these games. In August 2018, Unity came into agreement with Google’s AdMob to let customers run ads through its mobile gaming network. Noting that the global appeal to mobile gamers results in 9 billion minutes, playing games built on Unity, per day.
BTIG analyst Brandon Ross believes the company’s IPO will allow investors to participate in the growth of the video game industry. The global and universal appeal of Unity is one that can’t go unnoticed, especially thanks to the huge success of Epic Games.