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  • Facebook Acquires Oculus VR for $2 Billion in Cash and Stock


    Social media giant, Facebook, is said to prepping another huge acquisition, this time setting its sights on Oculus VR, the virtual reality hardware and software firm responsible for the Oculus Rift. Less than one week after announcing a second-generation Oculus Rift dev kit, the virtual reality company has revealed it will be purchased by Facebook for roughly $2 billion in cash and stock. Facebook CEO Mark Zuckerberg mentioned the following regarding the matter:

    Mobile is the platform of today, and now we're also getting ready for the platforms of tomorrow. Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate.
    According to a recent press release issued by Facebook, the company is paying for Oculus with $400 million in cash and 23.1 million shares of Facebook common stock. The deal is expected to be finalized by the second quarter of 2014. Under the terms of the agreement, Oculus will continue operations from its headquarters in Irvine, California including work on the latest iteration of its Oculus Rift platform.

    The sale comes as a surprise to many, especially given the buzz around Oculus’ hardware offerings. The Oculus Rift created a stir in the gaming industry when it was introduced on Kickstarter in 2012. After a successful funding round, the startup went on to raise nearly $100 million in venture capital financing. With Facebook’s infusion of cash and resources, Oculus may be in better position to accelerate a market date for the Rift which is still in beta testing.

    The Oculus acquisition could mark the start of a Facebook buying spree, as the company just purchased the popular messaging app WhatsApp for $16 billion plus $3 billion in restricted stock units.

    Oculus founder Palmer Luckey said the following in a prepared statement:

    This partnership is one of the most important moments for virtual reality: it gives us the best shot at truly changing the world. It opens doors to new opportunities and partnerships, reduces risk on the manufacturing and work capital side, allows us to publish more made-for-VR content, and lets us focus on what we do best: solving hard engineering challenges and delivering the future of VR.
    Source: Bloomberg (Twitter), Facebook (Press Release), Oculus VR (blog)
    This article was originally published in forum thread: Facebook Acquires Oculus VR for $2 Billion in Cash and Stock started by Akshay Masand View original post
    Comments 10 Comments
    1. Carvensno's Avatar
      Carvensno -
      They tried the VR thing in the 90's and it flopped. LOL FB is sure buying/spending a lot lately. smh!
    1. HovikGas's Avatar
      HovikGas -
      Quote Originally Posted by Carvensno View Post
      They tried the VR thing in the 90's and it flopped. LOL FB is sure buying/spending a lot lately. smh!
      Are you kidding me? That's like saying gaming and smartphones don't go together because it was tried (N-Gage by Nokia was a HUGE flop) a decade ago... Times change, technologies change... This isn't your VR of the 90's...

      I know for a fact you haven't tried the Oculus Rift yourself, because there's no way you'd say that after experiencing it... I tried it last week and it was amazing. It's still in its infancy, but you can tell (and Facebook sure agrees with me) that it's the future. It's only a matter of time till they dramatically increase the resolution, decrease the latency, and reduce the price. It might take a few years, but it's coming. Sony is already getting in on it, but the applications go way beyond gaming: car manufacturers, NASA, the military, are just a few examples of those already looking into this...

      Can't wait to get my hands on the 2nd generation dev kit!
    1. fleurya's Avatar
      fleurya -
      Whelp, that project is dead to me now! such a shame. It had real potential. But I won't go near it if it's tied to a shitshack like Facebook!
    1. Gervs's Avatar
      Gervs -
      I was looking forward to the consumer version next year but now I defo won't be touching it with a barge pole, I have no interest in buying hardware from an advertising company, can only imagine what analytics will be collected and sent back as "diagnostic data" or what new ways they will find of shoe-horning ads into the experience.

      Luckily there's a lot of hype around VR this season/year with Sony and valve already on track and rumours of Microsoft about to jump in too. This is great as it will offer VR diversity and give people options in VR instead of a monopoly, of course different VR sets will have their own advantages and disadvantages along with ranged pricing points.
    1. bigboyz's Avatar
      bigboyz -
      Interesting purchase for FB. Is it going to be on my timeline to test?????
    1. indyracer05's Avatar
      indyracer05 -
      the only new tech device I've been excited for over the past year and facebook just has to eff everything up!!!! this is not meant for social networks, its meant for gaming.. and not those ****** facebook games
    1. Feanor64's Avatar
      Feanor64 -
      This is genius by facebook. They got it at a steal...in five years there is no telling what it would've been worth.
    1. PokemonDesigner's Avatar
      PokemonDesigner -
      The Simpsons had it right. Soon we will be using VR to play FarmVille. Oh god no!!!!
    1. Carvensno's Avatar
      Carvensno -
      Quote Originally Posted by HovikGas View Post
      Are you kidding me? That's like saying gaming and smartphones don't go together because it was tried (N-Gage by Nokia was a HUGE flop) a decade ago... Times change, technologies change... This isn't your VR of the 90's...

      I know for a fact you haven't tried the Oculus Rift yourself, because there's no way you'd say that after experiencing it... I tried it last week and it was amazing. It's still in its infancy, but you can tell (and Facebook sure agrees with me) that it's the future. It's only a matter of time till they dramatically increase the resolution, decrease the latency, and reduce the price. It might take a few years, but it's coming. Sony is already getting in on it, but the applications go way beyond gaming: car manufacturers, NASA, the military, are just a few examples of those already looking into this...

      Can't wait to get my hands on the 2nd generation dev kit!
      Never said I did try it! smh LOL I don't care too either! Only reason I even have FB is for extended family/friends to keep in contact with. Other than that? FB can go to hell LOL!
    1. Alluziion's Avatar
      Alluziion -
      Some surprisingly naive comments being made here. Just because Facebook is buying it, it doesn't mean that they are going to try and integrate it with their services; yeah, they may add social media integration in terms of "sharing" and playing with friends but there is not way that they are going to spend $2bn on a revolutionary piece of hardware so that a few middle-aged social gamers can play FarmVille in full immersive 3D. I think Facebook are finally starting to venture into other technology markets and can see the potential in Oculus. I wasn't all that interested in getting it but now with such great financial backing along with some of the best developers in the world - I'm very tempted to order the DK2 :P