In an announcement made on March 24th 2015, Facebook said that it is all set to acquire Oculus VR.
Image: company website
The company selling virtual-reality-headset mostly known for its Oculus Rift gaming device. The deal, worth $2 billion is expected to close on July 22nd 2015. The deal, worth $2 billion comprises of $400 million in cash, $1.6 billion in Facebook stock, and $300 million more depending on the performance of Oculus.
Oculus, headquartered in in Irvine, California, made its first public appearance in 2012, at Electronic Entertainment Expo, the largest trade show of the video-game industry. In the same year it launched its extensively successful Kickstarter campaign in which it surpassed its goals of $250,000 funding by nearly 10 times. Over the past two years, the company has raised more than $90 million in venture funding. Facebook is planning to use the technology of the Rift for media, communications and other varied forms of entertainment. Mark Zuckerberg, Facebook’s CEO believes that virtual reality can become the next computing evolution, following the movement from desktop to mobile devices. Hence, the acquisition is a part of Facebook’s long term bet on the future prospects of computing.