iMagic Games

Video Gaming Company

Company Information

Website:

http://imagicgames.com/

Sector:

Video Games

Location:

Burnsville, NC

iMagic Games is a video game developer targeting the $115 billion digital gaming market.

The company is led by CEO JW Bill Stealey. Stealey previously founded two gaming companies, both of which went public:

In 1982, he founded MicroProse Software and grew the company to $43 million in annual revenue in 10 years. In 1991, MicroProse went public with a $400 million valuation.

Then, in 1994, Stealey founded Interactive Magic and took it from zero to $23 million in annual revenues in three years. In 1998, he took the company public at a $250 million valuation.

With respect to his current venture, iMagic has already created and launched more than 150 video games.

Now, the company is joining with two established media partners — Discovery Communications and Valiant Entertainment — to grow its existing portfolio.

iMagic has signed a licensing agreement with Discovery Communications, which has identified iMagic as a “preferred developer” of video games.

iMagic aims to launch the first of three "murder mystery" games for Discovery Communications’ Investigation Discovery TV Network in July 2018. To complete this task, iMagic plans to acquire Gamaga, a gaming partner, to develop the game for release.

As part of the agreement, Discovery will create marketing campaigns for the 86 million households and 1.2 million viewers who watch its ID TV Network in prime time.

Following the launch of the initial game, entitled “Red Crimes: Hidden Murders,” iMagic will propose two more TV-inspired video games for development and publishing.

iMagic also has a licensing agreement with Valiant Entertainment Games, a comic book company focused on the superhero genre. Valiant has sold more than 80 million issues of comic books and is in negotiations to help produce a superhero movie featuring actor Vin Diesel.

As part of this partnership, iMagic could potentially assist in the development of related products to support upcoming Sony feature films in the superhero genre. According to Box Office Mojo, a website focused on the movie industry, of the top 10 highest grossing films of all-time, four are in the superhero genre, and were released within the past six years.

In addition to its licensing agreements, iMagic is preparing to re-launch 40 of its most successful simulation games. This time, however, each game will contain Augmented Reality and Virtual Reality features.

The company will re-launch its first successful game, “WarBirds,” with Virtual Reality features by the end of 2018.

As a result of these licensing agreements and future plans, iMagic projects to generate $2.9 million in revenue in 2018, and $14 million in 2019.

Along with Stealey, iMagic is led by Chief Financial Officer David Terry, who was Director of Development of the Library of Congress under former President George W. Bush.

Furthermore, its European operations are led by the former CEO of Activision Europe.

Team Background

David Terry - Chief Financial Officer

David has served as Chief Financial Officer for several private companies during his 35-year career.

He previously founded the private finance division of First Union, a bank that is now Wells Fargo.

In addition, he was appointed Director of Development of the Library of Congress under former President George W. Bush.

Bill Stealey - Founder & CEO

Bill is a video game industry veteran with more than 30 years of experience.

In 1982, he founded MicroProse Software. Over the next 10 years, he grew its annual revenues to $43 million and took the company public in 1991 with a $400 million valuation.

In 1994, Bill founded Interactive Magic, another video gaming company. He grew its annual revenues to $23 million and, in 1998, took the company public at a $250 million valuation.

In addition to his video game background, he previously worked as a consultant for McKinsey & Co.

Bill formerly served in the United States Air Force as a pilot, and graduated from the Air Force Academy.

He earned an MBA from the University of Pennsylvania.

Thomas Ormond - CEO (Europe)

Thomas has spent more than 25 years in the video game industry.

He previously served as CEO of MicroProse France, a subdivision of CEO Bill Stealey’s gaming company.

He formerly served as CEO for Activision Europe, a video gaming company, and was a senior consultant in the areas of augmented reality and virtual reality for Activision.

Co-Investors

Raising
$3 million
Committed
$24.1K (1%)
Current Valuation
$10 million Cap / 0% Discount
Min. Investment
$500
Deal Type
Title III
(For all investors)
Offering Type
Convertible Debt
Finance History
Notable Investors
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