Facebook acquires Oculus Rift company

Facebook acquires Oculus Rift company

Facebook acquires Oculus Rift company

Facebook has announced it has acquired Oculus VR, which has been developing the Oculus Rift gaming headset, in cash and stock deal totalling $2 billion.

Details of th deal include $400 million in cash and 23.1 million shares of the social network’s common stock. Oculus will stay in its headquarters in Irvine, California, and will continue developing its virtual reality platform.

“Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate,” Facebook CEO Mark Zuckerberg said in a press statement.

Oculus VR has been gaining prominence ever since its Kickstarter campaign to develop the Oculus Rift raised over $2 million in 2012. The company then raised over $91 million in venture funding last year.

While Oculus VR has yet to announce whether it would be releasing a consumer version of the Oculus Rift, over 75,000 developers had already purchased developer kits of the virtual reality headset.

The acquisition is Facebook’s second in less than two months, followed after the much-talked-about purchase of WhatsApp for an astonishing $16 billion.

During an investor conference Tuesday, Zuckerberg admitted he is looking ahead when asked about what interested him into acquiring Oculus VR, adding that the deal is a “longterm bet on the future of computing.”

Although the Oculus Rift is being developed around games and entertainment, Zuckerberg sees something bigger. “Oculus has the potential to be the most social platform ever,” he said. “Imagine not just sharing moments with your friends online but entire experiences.”

Hmmm… sounds like a potential Google Glass rival to me.

Source: Mashable

Image source: Robyn Beck/ AFP/ Getty Images

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