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Glenn Walcott
NationalityAmerican
Alma materUniversity of Washington
Occupation(s)Financial and business executive
Years active1989-present
Known forFunding of Big Fish Games in 2008, sale of DoubleDown to IGT in 2012
SpouseMichelle Walcott[1]
Children2[1]
Awards"Small Private Company CFO of 2008" (Puget Sound Business Journal)[2]
WebsiteGlenn Walcott on YouTube

Glenn Walcott is an American business executive based in Seattle, Washington, best known as the former president of DoubleDown Interactive. In the late 1980s Walcott worked as an audit manager or finance executive for companies including Arthur Andersen, Blue Nile, and LOUD Technologies.[3] He became CFO of Big Fish Games in the mid-2000s, where in 2008 he helped secure a $83.3 million investment for the company,[4] which was both the largest venture financing deal that year in the state of Washington, and the biggest ever for a U.S. online gaming company.[5] Also in 2008 Walcott was named the "Small Private Company CFO of the Year" by the Puget Sound Business Journal.[2]

He became president of the online gaming company DoubleDown Interactive in 2010,[6] which was sold to International Game Technology for close to half a billion dollars in 2012.[7] Walcott stepped down as president in 2014.[1]

Business career

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Education, early years

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American Glenn Walcott graduated with a BA in finance and accounting from the University of Washington. In the late 1980s he began working with technology companies in a financial role, and as an auditor he has taken a number of companies public. He worked initially for the "big five" accounting firm Arthur Andersen, where he served as Senior Audit Manager in the Enterprise Group division. He then joined the Seattle-based online diamond retailer Blue Nile Inc. as their Director of Finance, where he was responsible for negotiating $20 million in debt facilities with GE Capital and Silicon Valley Bank.[3] In January 2004 the Woodinville, Washington-based audio company LOUD Technologies named Walcott[8] as their Vice President of Finance and Accounting.[3]

Big Fish Games

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Main article: Big Fish Games

After LOUD Technologies, Walcott was hired as Chief Financial Officer of Big Fish Games in Seattle,[7] an online game distributor known for titles such as Azada and Mystery Expeditions.[5] Walcott was there in 2005 when the company launched one of their more popular games, Mystery Case Files.[7]

In 2008 he helped Big Fish Games secure a $83.3 million investment led by the UK-based Balderton Capital,[4] with other investors including General Catalyst Partners and Salmon River Capital. According to Thomson Reuters and the National Venture Capital Association, it was both the largest venture financing deal that year in the state of Washington, and the biggest ever for a U.S. online gaming company.[5]

On March 4, 2008, Big Fish Games announced that Walcott had been named the Small Private Company CFO of the Year by the Puget Sound Business Journal.[2] Reserved for companies headquartered in Washington State, the journal states the award "honors outstanding CFOs who play a major role in their companies’ successes and in the growth of the local economy."[9]

Walcott served as CFO of Big Fish Games until October 28, 2009,[3] when according to the Puget Sound Business Journal, he left to "pursue new career opportunities."[10] Bloomberg has stated that his tenure "helped lead the growth of [Big Fish Games][3] from $8 million in revenue to more than $100 million and from 40 to 400 employees."[3][6][11]

DoubleDown Interactive

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Early years, growth

After Big Fish Games, Walcott joined another Seattle online gaming company called DoubleDown Interactive.[12] After being founded in 2010 the company had released a multi-player blackjack game in March, soon expanding into other casino games[7] primarily for use on Facebook.[11] By October of 2010 the company was breaking even and had eight employees.[7]

Walcott joined in November 2010 as President.[12][6] His first day at the company he spent in Las Vegas meeting with different casino operators. According to Walcott, "The goal was to get the word out about who we were. Even though we weren’t for sale at the time, and we weren’t looking to raise an investment, we were getting our name out there so that when we were ready to look for an investment, people would be familiar with who we were."[7]

The company grew quickly even without substantial outside investment, and according to GeekWire, "DoubleDown has seen impressive growth under the leadership of Walcott and Enell. Before 2012, DoubleDown Casino had grown to 1.4 million daily active users in less than two years as the company mushroomed to 80 employees."[1] The Seattle Times reported that in 2011 DoubleDown Casino was one of the top four social-media games on Facebook, and by early 2012 had 4.7 million monthly active users.[12]

IGT purchase

In October of 2011 Walcott and other DoubleDown executives began talking with Nevada gaming company International Game Technology (IGT), and according to Walcott, "we realized very quickly that there was a synergy that could happen there."[7] In January of 2012 DoubleDown was bought by IGT,[7] with the purchase occurring shortly after a December 2011 decision by the U.S. Department of Justice to loosen its stance against online gambling.[12] The acquisition agreement included $250 million in cash[12] and two annual $85 million retention payments,[1] as well as up to $165 million more if three-year revenue goals are met.[12] IGT went up in the New York Stock Exchange by 3% that day as a result.[12] After the purchase DoubleDown continued to grow, and by early 2014 had posted a 57% year-over-year revenue growth.[1]

Speaking, corporate culture

Walcott was a speaker at the LA Games Conference in April 2012, where he talked about the Double Down purchase as a case study. Other speakers at the event included the founder of Trion Worlds and Chris DeWolfe, CEO of Social Gaming Network.[6] Walcott has periodically been featured in the media for theatrics at speeches and other business events, as well as for the corporate culture at his various companies. In August 2012, Walcott opened a talk about DoubleDown by shooting 1,000 one-dollar bills into the audience.[13]

"[The trip to Mexico] was nuts. I’m sure we violated some rules about not having all the executives on one flight, but what are you going to do? It’s a reward to the employees, it makes them very happy, and it’s a reward to the folks who have to suffer the most for all their hard work: their spouses and their families."
— Walcott in VentureBeat (2012)[7]

In September of 2012 when DoubleDown hired its 100th employee, [7] Walcott and the company celebrated reaching their set goal by hiring a Ben & Jerry’s ice cream truck to give out 1,000 free cones to employees[13] and neighborhood of Pioneer Square. They company also hired a mariachi band to come to the office, and all of the employees and their families were taken on a vacation to Mexico.[7] Walcott represented DoubleDown at Safeco Field in August 2013, when the company was a medalist in Puget Sound Business Journal's annual Washington's Best Workplaces competition.[14]

In July of 2013, DoubleDown and other local technology companies such as Microsoft and Amazon campaigned to preserve Seattle's annual 4th of July fireworks show. When Walcott announced his departure from DoubleDown some months later, Seafair representatives attended the departure party as pirates and knighted him the “Duke of DoubleDown” and “Defender of Seattle Fireworks.” According to Walcott, "Being knighted by Seafair is one of the greatest honors of my career. Seafair represents everything I hold valuable, including creation of joy for their beloved city.”[1]

Depature

On February 27, 2014, it was announced the Walcott was stepping down as president, shortly after the departure of both DoubleDown co-founders. Walcott stated the departure was on positive terms, and that "we have great leadership and a skilled team at DoubleDown and at IGT, and Greg [Enell] and I are excited and confident to see this business continue to grow as we depart." According to GeekWire, Walcott and his family are moving to Southern California in summer of 2014, where Walcott expects to be involved in ”some awesome technology venture” in the coming months.[1]

Personal life

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Walcott and his wife Michelle have two daughters together, and live in Seattle, Washington.[1]

See also

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References

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  1. ^ a b c d e f g h i Soper, Taylor (2/27/2014). "Glenn Walcott steps down as DoubleDown president, gets knighted as 'Defender of Seattle Fireworks'". GeekWire. Retrieved 2014-02-27. {{cite news}}: Check date values in: |date= (help)
  2. ^ a b c "Big Fish Games' CFO Honored With Regional Award - Puget Sound Business Journal Names Glenn Walcott CFO of the Year". Big Fish Games. March 04, 2008. Retrieved 2014-02-27. {{cite news}}: Check date values in: |date= (help)
  3. ^ a b c d e f "Glenn Walcott". Bloomberg Businessweek. Retrieved 2014-02-27.
  4. ^ a b T. Huang, Gregory (12/8/08). "Big Fish Swims Against Current, Looks To Make New Hires—and Not Only for Games". Xconomy. Retrieved 2014-02-27. {{cite news}}: Check date values in: |date= (help)
  5. ^ a b c Cook, John (September 12, 2008). "Big Fish Games hooks $83 million venture deal". Seattle PI. Retrieved 2014-02-27.
  6. ^ a b c d "Announcing Final Speakers for 6th Annual LA Games Conference, April 24th, 2012". PR Web. April 15, 2012. Retrieved 2014-02-27.
  7. ^ a b c d e f g h i j k "DoubleDown Interactive succeeds by not sucking at social casino games (interview)". VentureBeat. August 7, 2012. Retrieved 2014-02-27. {{cite news}}: |first= missing |last= (help)
  8. ^ "Business Digest". Seattle PI. January 29, 2004. Retrieved 2014-02-27.
  9. ^ Monk, Becky (Jan 9, 2012). "Last chance to nominate a CFO of the Year for 2012!". Puget Sound Business Journal. Retrieved 2014-02-27.
  10. ^ Cook, John (Oct 28, 2009). "Big Fish Games lands new execs". Puget Sound Business Journal. Retrieved 2014-02-27.
  11. ^ a b Cook, John (Feb 14, 2011). "Former Big Fish Games exec joins DoubleDown Interactive". Puget Sound Business Journal. Retrieved 2014-02-27.
  12. ^ a b c d e f g Dudley, Brier (January 13, 2012). "Double Down scores buyer". The Seattle Times. Retrieved 2014-02-27.
  13. ^ a b Cymet, Eli (Aug 3, 2012). "Waiting for an emotion: Double Down Interactive President Glenn Walcott on what drives people to virtually gamble". GameZebo. Retrieved 2014-02-27.
  14. ^ Monk, Becky (Aug 9, 2013). "Washington's Best Workplaces winners announced to crowd of 1,200". Puget Sound Business Journal. Retrieved 2014-02-27.
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Interviews

Category:Living people Category:University of Washington alumni Category:American business executives

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