CARY – Epic Games, creator of the megahit Fortnite, is reportedly beefing up its executive team with a high-profile banker from UBS Group.
Does this mean Epic will be using its recently raised $1.25 billion in funding for more growth and possible acquisitions or new products?
Epic isn’t talking.
According to a Bloomberg report, the Cary-based video game developer has hired UBS Group AG Asia tech banker Randy Gelber as its new vice president for Corporate Development.
At LinkedIn, Gelber cites a resume with a wealth of experience:
Epic Games
- Investment Banking executive with over 20 years of experience in Technology, Media and Telecom
- Recent sector coverage includes Internet, AI/Machine Learning, FinTech/Payments, Education, Technology Services and Telecom Infrastructure
- Built and led TMT franchises in Asia and worked on a number of marquee transactions in the region
- Focus on M&A (formulating strategy & identifying, sourcing, negotiating and structuring transactions) and capital markets (debt, equity, risk management solutions)
- Significant experience in the US and Asia (China, India, SEA, Japan and Korea)
UBS already has named Patrick Tsang head of telecommunications, media and technology investment, to replace Gelber, according to another report.
Citing unnamed people “familiar with the matter,” Gelber, who was head of telecom, media and technology investment banking for Asia Pacific of the Swiss bank, will start later this month at the firm’s Cary headquarters.
Gelber has been based in Hong Kong, according to his LinkedIn profile. It also says he remains employed by UBS.
It is believed that he will be working on global mergers and acquisitions, investments, strategy and investor relations.
WRAL TechWire reached out to a representative for Epic Games to confirm the report, but didn’t hear back.
A strong 2018
The news comes on the back of a stellar year for the company founded by billionaire Tim Sweeny in his parents’ basement in 1991.
Last year, it saw its valuation leap to $15 billion on the heels of Fortnite, which became the world’s most popular game.
It also closed on a $1.25 billion equity round from marquee investors such as KKR, KKR, Kleiner Perkins and Lightspeed in September.
Sweeny remains the largest shareholder.
It’s first investment came from China’s Tencent, which makes the app WeChat and is a game firm in its own right. Back in 2012, it invested $330 million in exchange for a 40 percent stake in the business.
Back then, Epic was best known for Unreal Engine, the development platform that it still operates, and titles like Gears of War.
Epic Games lands whopping $1.25B in new financing from high-profile investors
