NEW YORK (TheStreet) -- Until today mobile game company Jam City was known as SGN, the maker of mobile games such as 'Cookie Jam' and 'Juice Jam.' Company CEO Chris DeWolfe stopped by this afternoon's CNBC "Power Lunch" to discuss the renaming and how the company is preparing for an eventual IPO.
In addition to the name change, the company announced it's expecting $400 million or more in annual revenue for the year. The revenue comes from the company's different games.
"We have our traditional franchises like 'Cookie Jam' and 'Panda Pop' which have done great over the last three or four years, been in the top grossing charts, as well as new games that are based on Hollywood I.P.," DeWolfe said.
CNBC reporter Julia Boorstin questioned DeWolfe about the company possibly preparing itself for an IPO, now that it has rebranded and surpassed the $400 million revenue mark.
"I think we're always setting ourselves up for an IPO, but as we know the markets are very volatile out there. So setting ourselves up means having lots of games in the top grossing charts," DeWolfe responded.
Jam City is one of four companies that currently have five games in the top grossing charts, "which means there is a lot of consistency in revenue and EBITDA growth," DeWolfe continued.
Mobile game making competitor King was acquired by Activision Blizzard (ATVI) last November for $5.9 billion. Boorstin asked DeWolfe if he would consider selling Jam City to another videogame maker.