Reinvent Tech RTP.U = 1C + 1/4 W
1W +$11.50. Call $18, Callable $10 - $18 by schedule.
Term 24 months. Or 27 with DA.
IPO Trust = $10.00. $690,000,000 ($10.00 per unit) into a U.S.-based trust account at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company.
Closed On September 21, 2020.
Mr. Hoffman and Mr. Pincus are accomplished technology entrepreneurs and operators who have built and scaled category-leading public companies and driven multiple inventions and reinventions.
Mr. Hoffman created LinkedIn in 2002 with founding team members from two of Mr. Hoffman’s previous companies, PayPal and Socialnet.com; one year later, it went live. As one of the first mainstream online social networks, LinkedIn was founded with the mission to connect the world’s professionals to make them more productive and successful. From the company’s early days, transformation and reinvention have been cornerstones of its culture. In 2004, LinkedIn recognized the importance of communities and introduced Groups, making key innovations in how to upload a user’s email contacts. In 2005, LinkedIn shifted towards the enterprise with its launch of Jobs and Premium Subscriptions, reinventing itself as a personal, professional customer relationship management tool.
Mr. Pincus founded Zynga in 2007 with a mission of connecting the world through games. Through social games, Zynga brought gaming to the mass market. Zynga was one of the first companies outside of Asia to sell virtual goods in mass-market games, defining a new model of games that are operated as a live service. Mr. Pincus saw opportunity in reaching audiences that were traditionally overlooked by games companies. Zynga became renowned for building social games that allowed players to deepen their relationships with friends and family. Mr. Pincus developed an approach to product management for games that enabled Zynga to grow rapidly on the Facebook platform while retaining and engaging millions of players around the world. By the time Zynga went public in 2011, it had numerous hit games including FarmVille, CityVille, Zynga Poker, and Words With Friends, which combined had nearly 230 million monthly active users.
Mr. Pincus returned to Zynga as Chief Executive Officer in 2015 to lead its turnaround and reinvention as a mobile-first games company. He rebuilt the company’s product management discipline, restructured game studios globally, and streamlined operations, ultimately returning the company to growth with a renewed focus on quality and innovation. He recruited a longtime games executive to become a Director and later Chief Executive Officer.
As Executive Chairman and later Chairman, Mr. Pincus has partnered with Zynga’s Chief Executive Officer to develop and grow Zynga’s forever franchises and pursue the company’s successful mergers and acquisitions strategy. By 2019, Zynga was one of the fastest growing mobile games companies in the world and one of the largest mobile games publishers. As of July 31, 2020, Zynga had a market capitalization of more than $10 billion and has entertained more than 1 billion players.
Prior to founding Zynga, Mr. Pincus founded several other companies. Freeloader was an early pioneer of push notification technology that was acquired by Individual, Inc. for $38 million eight months after its founding. Support.com pioneered self-healing software technology to automate help desks for large corporations and internet service providers. It went public in 2000 and was one of the first enterprise software companies to go to market with a subscription-based model. Tribe.net was one of the earliest social networks and combined local listings with communities. Its technology was acquired by Cisco Systems.