Facebook to acquire virtual reality technology firm Oculus VR

Facebook on 26 March 2014 decided to acquire two year old virtual reality technology firm Oculus VR for 2 billion dollar

Created On: Mar 27, 2014 12:50 ISTModified On: Mar 27, 2014 12:52 IST

Facebook on 26 March 2014 decided to acquire two year old virtual reality technology firm Oculus VR for 2 billion dollar. As per the analyst, virtual reality technology could be a new way for people to communicate, learn or be entertained.

The deal includes 400 million dollar in cash and 23.1 million shares worth about 1.6 billion dollar. Oculus employees are also eligible for an additional 300 million dollar if the company achieves certain targets.

imageOculus VR founded by Palmer Luckey develops virtual-reality glasses for gaming. Oculus VR Inc. had developed the Oculus Rift, a virtual reality headset which received a lot of attention from video game developers. The headsets cover a user’s eyes and create an immersive world that reacts to turning one’s head or moving back and forth.

Oculus VR raised 75 million dollar in December 2013 to market its virtual-reality headset for video games and develop the product for use in areas like education, film, architecture and design.

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