During his time as Head / Director of FP&A at Jagex, ICV Senior Partner Asad Khan played a central role in strengthening the company’s financial strategy, operating discipline, and transaction readiness during a defining period for the business.
His work included sell-side financial due diligence supporting Jagex’s reported $1 billion+ sale from The Carlyle Group to CVC Capital Partners in May 2024, alongside major initiatives spanning pricing, cost transformation, capital deployment, liquidity, debt financing, long-range planning, and FP&A transformation. The ICV deck likewise attributes the transaction support and financial value-creation initiatives to our Senior Partner.
Reported Exit Supported
$1.1B+
Years guiding businesses toward measurable growth.
Annual Revenue Created
£8M
Average revenue improvement within the first year.
Cost Savings Delivered
£15M
Successful consulting engagements delivered.
Debt Raise Supported
$200M+
Countries where our strategies drive real results.
Client
Jagex
industry
Gaming
location
United Kingdom
Challenge
Building the financial infrastructure behind a billion-dollar business
Jagex had grown into a roughly $200 million revenue game studio with one of the industry’s most enduring direct-to-consumer subscription businesses.
As the company approached another major ownership transition, the finance organization needed to do more than report historical performance.
Leadership required stronger visibility into capital allocation, costs, pricing, liquidity, long-term planning, and transaction readiness while continuing to operate the business at scale.
At the same time, the company was preparing for a reported $1 billion+ exit, evaluating a substantial debt financing, and addressing areas of the portfolio that were consuming capital without generating adequate returns.
The opportunity was to make finance a more active driver of enterprise value.
Approach
Turning FP&A into a value-creation function
Asad worked directly with Jagex’s senior leadership and C-suite across the company’s most important financial and strategic priorities.
Supporting the $1B+ transaction
Asad contributed to sell-side financial due diligence for Jagex’s reported $1 billion+ sale from The Carlyle Group to CVC Capital Partners in May 2024.
He also developed investor and board materials, frequently acting as a key financial partner to the C-suite and deputy to the CFO in senior-level discussions.
The transaction and due-diligence contribution is also reflected in ICV’s existing case-study material.
Creating a long-term financial strategy
Asad built Jagex’s first comprehensive five-year financial plan, establishing a forward-looking framework for growth, investment, profitability, and capital allocation.
The plan helped underpin the strategic and financial case supporting the company’s $1 billion+ valuation.
Unlocking new revenue through pricing
Asad led the company’s pricing strategy across 2023 and 2024.
The resulting changes generated approximately £8 million in incremental annual revenue from 2024 onward, strengthening recurring economics across the business.
Reducing the cost base
Working through the group budgeting process, Asad helped identify and deliver approximately £15 million in cost savings for the 2024 budget.
He also led senior leadership efforts to scrutinize capital deployment, generating a further £2 million in cash savings during 2024.
The £15 million cost reduction and £2 million capital-deployment savings are consistent with the financial initiatives described in ICV’s existing Jagex case study.
Addressing underperforming operations
Asad advised on the closure of a business unit generating approximately £4 million in annual losses, removing a significant drag on group profitability and capital efficiency.
ICV’s existing case study separately highlights the elimination of this £4 million annual loss.
Supporting more than $200M of financing
Asad developed lender models supporting a $200 million+ debt raise, helping translate the company’s operating and financial performance into the information required by financing counterparties.
The debt financing support is also documented in the existing ICV case-study material.
Improving liquidity management
He owned Jagex’s 13-week and 12-month rolling cash forecasts, strengthening management’s visibility into liquidity and contributing approximately £1 million of improvement in the company’s 2024 liquidity position.
Building the FP&A organization
Asad expanded the FP&A team from one to four people, while improving the output of the broader function by approximately 40% in his second year.
The team expansion and 40% productivity increase are also reflected in ICV’s existing case study.
Impact
Combining transaction readiness with measurable value creation
The work supported Jagex through one of the most important periods in its history: a reported $1 billion+ ownership transition while simultaneously improving the underlying financial performance of the business.
The impact went beyond transaction execution.
Pricing changes created approximately £8 million of recurring annual revenue.
The budgeting process generated approximately £15 million in cost savings.
Capital-allocation initiatives preserved another £2 million of cash.
Closing an underperforming business removed approximately £4 million of annual losses.
Improved cash forecasting strengthened liquidity by approximately £1 million.
And the FP&A organization grew from one person to four while increasing output by approximately 40%.
Together, these initiatives strengthened Jagex’s financial discipline, improved management visibility, and created a more robust financial platform around a business valued at more than $1 billion.
The case reflects the kind of operating experience Asad brings to ICV today: combining transaction execution, financial strategy, and hands-on value creation rather than treating them as separate disciplines.
Jagex
This case study reflects the experience of Asad Khan, Senior Partner at ICV, during his tenure as Head / Director of FP&A at Jagex from 2023 to August 2024. That wording keeps the entire thing accurate while still letting ICV showcase the genuinely impressive work of its senior team.