Ex-UBS Banker Randy Gelber to Join Fortnite Developer

(Bloomberg) -- Epic Games Inc., the online video game developer of megahit shooting game Fortnite, has hired UBS Group AG Asia tech banker Randy Gelber as vice president for corporate development, according to people familiar with the matter.

Gelber, who was head of telecom, media and technology investment banking for Asia Pacific at the Swiss bank in Hong Kong, will start later this month at Epic’s headquarters in Cary, North Carolina, one of the people said. He will be working on global mergers and acquisitions, investments, strategy and investor relations, the people said, asking not to be identified because the matter is private.

UBS named Patrick Tsang as Gelber’s replacement, Bloomberg News reported last month. A representative for Epic Games didn’t respond to requests for comment.

Founded by billionaire Tim Sweeney in his parents’ basement in 1991, Epic Games closed a $1.25 billion investment round last year from a group including KKR & Co., Vulcan Capital, Kleiner Perkins and esports startup AXiomatic Gaming, which valued Epic Games at $15 billion, a person familiar with the matter said at the time. Sweeney sold a 40 percent piece of the company to Chinese internet giant Tencent Holdings Ltd. in 2012. Other minority owners include Walt Disney Co. and Endeavor.

In addition to owning Fortnite and other titles, Epic Games developed the Unreal Engine -- a popular software for game developers. It forms the back-end technology for hundreds of video games, including Capcom Co.’s Street Fighter V and Microsoft Corp.’s Gears of War 4. Fox Sports also used the software to power its new virtual studio set.

--With assistance from Christopher Palmeri.

To contact the reporter on this story: Manuel Baigorri in Hong Kong at mbaigorri@bloomberg.net

To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Timothy Sifert

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