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New Zynga CFO fuels flotation speculation

Mon 02 Aug 2010 8:14am GMT / 4:14am EDT / 1:14am PDT
PeopleDevelopment

Allen and Co man signs up to $5 billion-valued social game dev

FarmVille creator Zynga has appointed a new chief financial officer, prompting rumour that the fast-expanding company might soon announce an IPO.

While VentureBeat raises the spectre of public floatation, it also claims that an unnamed source has indicated this is unlikely.

Zynga's recent string of acquisitions, partnerships and investment (totalling some $520 million) may well mean an initial public offering is not necessary for the time being. A private valuation puts the social game developer at $4 to 5 billion.

The new CFO is Dave Wehner, former managing director of New York investment bank Allen & Co - which was one of the underwriters for Google's IPO.

However, Wehner himself specialised in acquisitions, which may mean Zynga is seeking further expansion rather than public capital.

Wehner leapfrogs current CFO Mark Vranesh, who has been bumped to chief accounting officer.

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