If you click on a link and make a purchase we may receive a small commission. Read our editorial policy.

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.

Author

Ivy Taylor avatar

Ivy Taylor

Contributor

Ivy joined GamesIndustry.biz in 2017 having previously worked as a regional journalist, and a political campaigns manager before that. They are also one of the UK's foremost Sonic the Hedgehog apologists.

Comments

More News

Latest Articles