New CEO Matthew Bromberg Starts Turning Unity Around – C-Suite Transitions

We started our October 2023 article discussing the sudden departure of Unity Software’s CEO John Riccitiello as follows:

“Communication, in all its myriad formats, is the cornerstone of a functioning society and nowhere is this more true than when it comes to corporate communication.”

We went on to discuss the parallels between the failure of Silicon Valley Bank and Unity’s CEO resigning amidst significant customer backlash in this article. When my friend Gaurav pitched Unity during one of our idea lunches/dinners in the San Francisco Bay Area in mid-2024, I was reminded of our coverage of the company from the prior year.

He recently shared his firm, Tilden Path Capital‘s, Q4 2024 investor letter with me and the letter discussed his thesis about Unity as well as the impact of their new CEO Matthew Bromberg. I felt that this would be a good follow-up article to our prior C-Suite Transitions article about Unity and we have reproduced the Unity part of his investor letter below.

Unity Software (U): $19.44

Market Cap: $7.83B

EV: $8.66B

Discussion of Portfolio Holding – Unity

Tilden’s first investment in a turnaround candidate, Unity (U), was driven by its advantages on the key factors that contribute to our Durable Growth Score. Firstly, Unity’s new management has a strong track record of excellent technology stewardship. Also, Unity demonstrates strong product irreplicability, as its core gaming engine is the foundation of more than half of mobile games and is not easy to replicate.

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