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Facebook buys virtual reality headset start-up for $2bn | |
(35 minutes later) | |
Facebook has announced it will buy Oculus VR, a Californian company which specialises in virtual reality products, for around $2bn (£1.2bn). | Facebook has announced it will buy Oculus VR, a Californian company which specialises in virtual reality products, for around $2bn (£1.2bn). |
The start-up's flagship product, the Oculus Rift, is a goggle-like "immersive" headset for video gaming. | |
It was developed with funds raised through crowdfunding site Kickstarter, and subsequent investment. | |
Facebook's boss, Mark Zuckerberg, said Oculus' technologies could "change the way we work, play and communicate". | Facebook's boss, Mark Zuckerberg, said Oculus' technologies could "change the way we work, play and communicate". |
The Oculus Rift has yet to be released, but more than 75,000 orders for development kits have already been placed, according to the social media giant. | |
In a statement released on Tuesday, Facebook said it plans to expand the use of Oculus technologies to include "communications, media and entertainment, education and other areas". | In a statement released on Tuesday, Facebook said it plans to expand the use of Oculus technologies to include "communications, media and entertainment, education and other areas". |
Oculus' crowdfunding campaign raised $2.4m (£1.5m), 10 times the amount originally sought. | |
It subsequently received a further $75m from investors. | |
The Rift headset was widely heralded at the CES technology show in Las Vegas in January, where Sony also announced a rival product. | |
The deal includes $400m in cash and just over 23 million Facebook shares, valued at $1.6bn. | The deal includes $400m in cash and just over 23 million Facebook shares, valued at $1.6bn. |
Oculus employees will also receive an additional $300m if the company achieves certain targets. | |
Commenting on the deal, Mr Zuckerberg said: "Mobile is the platform of today, and now we're also getting ready for the platforms of tomorrow." | Commenting on the deal, Mr Zuckerberg said: "Mobile is the platform of today, and now we're also getting ready for the platforms of tomorrow." |
It is the latest purchase for Facebook, which last month spent $19bn on mobile messaging platform WhatsApp. | It is the latest purchase for Facebook, which last month spent $19bn on mobile messaging platform WhatsApp. |