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Biography

Epic Games, Inc. is an American video game and software developer and publisher based in Cary, North Carolina. Tim Sweeney founded the company as Potomac Computer Systems in 1991, initially located in his parents' house in Potomac, Maryland. Following its first commercial video game release, ZZT (1991), the company became Epic MegaGames, Inc. in early 1992 and brought on Mark Rein, who has been its vice president since. After moving the headquarters to Cary in 1999, the studio changed its name to Epic Games. Epic Games develops Unreal Engine, a commercially available game engine that also powers their internally developed video games, such as Fortnite and the Unreal, Gears of War, and Infinity Blade series. In 2014, Unreal Engine was named the "most successful videogame engine" by Guinness World Records. Epic Games owns the game developers Chair Entertainment, Psyonix, Mediatonic, and Harmonix, and cloud-based software developer Cloudgine, and operates studios in Seattle, England, Berlin, Yokohama, and Seoul. While Sweeney remains the controlling shareholder, Tencent acquired a 48.4% outstanding stake, equating to 40% of total Epic, in the company in 2012, as part of an agreement aimed at moving Epic towards games as a service model. Following the release of the popular Fortnite Battle Royale in 2017, the company gained additional investments that enabled it to expand its Unreal Engine offerings, establish E-sport events around Fortnite, and launch the Epic Games Store. As of April 2022, the company has a US$32 billion equity valuation. On August 13, 2020, Epic released a version of Fortnite that included a permanent discount on V-bucks across all platforms (except iOS and Android devices) if they purchased directly through Epic, bypassing Apple and Google's storefronts. Both Apple and Google immediately delisted the game for violating the storefronts' terms of service by including their own storefront, which led Epic to file lawsuits against both companies the same day, accusing them of antitrust behavior in how they operate their app stores.