Unity Software Inc (U) is famous for creating and operating interactive real-time 3D content. The company is best known for the development of its licensed game engine Unity, which is used for making video games and other applications.
More than 50 per cent of video games worldwide are powered by Unity (top mobile, PC and console games combined). The company’s solutions are used by creators in more than 190 countries and territories.
According to the company’s latest statistics, more than 120 million gamers per month communicate across platforms using Unity voice and text services. Apps developed by Unity creators were downloaded 3 billion times per month.
Founded in 2004 in Denmark as Over the Edge Entertainment (OTEE), the company was rebranded as Unity in 2007. Headquartered in San Francisco, Unity Software operates 29 offices in 18 countries.
Following the success of Pokemon Go, built on Unity engine, the company underwent several rounds of funding, which increased its valuation. In May 2017, Unity received $400m that valued the company at $2.8bn. In 2018, Unity confirmed another $145m investment round, which gave it a valuation of $3bn.
Unity announced plans to go public in August 2020. On September 17, 2020, Unity Software shares floated on the New York Stock Exchange under the ticker symbol U. The initial public offering raised $1.3bn, giving Unity an estimated value of $13.7bn.
Right after its public debut, the Unity Software share price surged 44 per cent. The U stock chart started at $75 per share, ahead of the company’s expectations. By the end of the year the Unity shares were fluctuating around $165, which is a surge of $120 per cent for less than half a year.
According to the company’s IPO filing, Unity is not a profitable company yet. In 2019, it faced a net loss of $163.2m and continued to lose $54m in the first half of 2020. However, the company’s revenue increased more than 40 per cent year-over-year to $540m.
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