Graphics software developer Unity Technologies is planning a stock market flotation in the US that could take place before the end of the year, people familiar with the matter told Bloomberg.
These sources, who asked not to be identified as the situation is still private, said the group is working with financial advisors and has already hired Goldman Sachs to run the initial public offering (IPO).
Unity is planning the listing for as early as autumn, the sources noted, cautioning no final decision has been made therefore the timing could still change.
The group is a development platform for two and three dimensional virtual and augmented reality games and experiences.
Unity’s voice and text service was used by 100.00 million users in 2019, while 3.00 billion applications, created by the group, were downloaded per month across 190 countries.
The company’s revenue growth rate is above 30.0 per cent and gross margins are over 80.0 per cent, according to chief executive John Riccitello.
Bloomberg cited PitchBook as saying Unity’s last private market value was around USD 6.30 billion.
Last month, the group picked up Finger Food Studios, an artificial intelligence-based building industry technology software developer, for an undisclosed amount.
This followed four acquisitions last year, only one of which had a known value as Unity paid USD 130.00 million for Vivox, a Massachusetts-based integrated communications and social network software developer.
IPOs have been few and far between in the current calendar year, according to Zephyr, the M&A database published by Bureau van Dijk, mainly due to the global coronavirus pandemic.
Zephyr shows, there have been 18 stock market flotations involving software publishes announced worldwide in 2020 to date.
In the largest of these, China-based online courier crowd sourcing mobile application provider Dada Nexus unveiled plans to raise USD 500.00 million in a US listing on Nasdaq.
Other companies to announce flotations in the year so far included Norway’s Pexip Holding, US-based Schrodinger and France’s Nacon.
© Zephus Ltd