July 9, 2020
SAN FRANCISCO — Linden Research, Inc. announced today it signed an agreement to be acquired by an investment group led by Randy Waterfield and Brad Oberwager. Closing of the acquisition is subject to regulatory approval by financial regulators in the U.S. related to Tilia Inc.’s status as a licensed money transmitter as well as other customary closing conditions.
“We’re excited for this new chapter to begin. We see this as an opportunity to continue growth and expansion for Second Life and our money services business Tilia,” says Linden Lab CEO Ebbe Altberg. “We’re grateful for the ongoing support from our community, business partners and investors. Now more than ever, there is increased recognition of the value and utility of virtual worlds to bring people together for safe, shared, and social online experiences.”
“Both the company and its virtual world community have a unique culture and creative energy that remain important to the long-term success of Second Life,” says Brad Oberwager. “There’s a bright future for both Second Life and Tilia and we’re excited to help fuel these growth opportunities.”
“Since its inception 17 years ago, Second Life has been a pioneer in the concepts of virtual societies, land and economies,” says Second Life founder Philip Rosedale, who is now CEO of High Fidelity. “I’ve known Brad for 14 years personally and professionally, and I’m confident he will bring his passion and proven strategies to help Linden Lab achieve new heights in distribution, scale, and quality while remaining true to the original vision, creativity, and community that makes Second Life unique and special.”
Mr. Oberwager has spent his entire career in technology and consumer-focused companies. Mr. Oberwager is the founder and Chief Executive Officer of Jyve, a Silicon Valley based technology company. Prior to Jyve, Mr. Oberwager owned Bare Snacks, acquired by PepsiCo. Mr. Oberwager is an advisor to several technology start-ups and sits on the boards of several technology and CPG companies.
Mr. Waterfield is the Chairman and CEO of the Waterfield Group. The Waterfield Group has invested in over 100 technology, financial, insurance, bank and other companies.