Wednesday, March 26, 2014

Oculus VR Acquired By Facebook For $2 Billion

Irvine-based virtual reality technology developer Oculus VR has been acquired by Facebook, in a deal worth approximately $2 billion. According to Facebook, the deal includes $400M in cash, plus 23.1 million shares of Facebook common stock valued at $1.6 billion. The deal also includes a potential of an additional $300M in earn out. Oculus VR will remain in Irvine, and continue developing its virtual reality product, Oculus Rift. Facebook CEO Mark Zuckerberg said the move comes to help the company get ready for the "platforms of tomorrow." Oculus VR is led and was co-founded by Brendan Iribe, and had raised around $91M in funding from Andreessen Horowitz, Formation 8, Matrix Partners, and Spark Capital. The company had been founded in 2012.