Magic Leap looks for buyers

Augmented reality startup could sell for over $10 billion

Augmented reality startup Magic Leap is looking for a buyer.

According to Bloomberg, sources close to the matter say the Florida-based firm could be worth more than $10 billion to the right buyer.

This comes despite reports of layoffs at the company last year, following weaker-than-expected sales of its $2,295 Magic Leap 1 headset.

Founded in 2010, Magic Leap has secured over $2 billion in funding from investors such as Google and Alibaba.

Facebook is among the companies Magic Leap approached, but the talks reportedly didn't progress. Medical giant Johnson & Johnson has also been considered, according to the Bloomberg report.

Speaking in 2018, Magic Leap CEO Ronny Abovitz said an IPO, rather than a takeover, would be "the best thing for the creative community," and that the company "doesn't have to be acquired by anybody" if it can attract developers to its platform.

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Latest comments (3)

Ilari Kuittinen CEO, Housemarque8 months ago
This might be the worst time trying to sell a company in the past 10 years!
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Mark Henry Saft Director of Global Licensing & Business Development, 8 months ago
Perhaps the title of the article should be "Magic Leap Looks for Suckers"....
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Christopher Barnes Game Designer 8 months ago
@Mark Henry Saft: failed overreaching projects original suckers need to sell to new suckers.
Apply if you suck
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