There are no active ads.


Rovio IPO Rumors Fly As New Board Member Joins

by Jacob Kleinman | June 5, 2013June 5, 2013 1:30 pm PDT

rovie ipo angry birds

Angry Birds creator Rovio Entertainment (which recently earned a shout-out on HBO’s Veep) had just three members on its board of directors until today, when Mika Ihamuotila, a practiced entrepreneur and well known Finnish CEO with a Ph.D in economics was brought on. The news has sparked rumors that Rovio may be preparing to launch an IPO in the near future with the new exec addition.

Ihamuotila, who’s currently the CEO, president and principal shareholder of popular Finnish fashion company Marikmekko, will join Kaj Hed (the father of Rovio CEO Mikael Hed), Camilla Hed (an unknown quantity who The Next Web suggests could be Mikael’s mother) and Niklas Zennström (Skype co-founder and Rovio investor) on the company’s board of directors.

Rovio’s newest director has held a number of positions in the financial world, which could help the company position itself for a stock market launch. However, in a public statement following the news, CEO Mikael Hed made no mention of an IPO:

“Mika has comprehensive brand, channel and business expertise, and we are very delighted that he is joining Rovio´s Board of Directors. This year we will focus on building our products and services to ensure sustainable growth and value in the long term.”

Rovio boasts 650 employees across the world with offices in Finland, Sweden, the US, China, South Korea and Japan. The company also doubled its sales in 2012 ($195 million up from $96.9 million in 2011), with $71 million in profits for the year. Though its main source of income remains mobile apps, Rovio has capitalized on the massive success of Angry Birds, selling physical merchandise from Angry Birds toys and plush dolls to candy.

The Next Web Grantland

Jacob Kleinman

Jacob Kleinman has been working as a journalist online and in print since he arrived at Wesleyan University in 2007. After graduating, he took a...