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Embracer Group has entered the virtual reality market with the purchase of Arizona sun developer Vertigo Games for an initial amount of 50 million euros ($ 59.2 million).
The deal will see Embracer buy the Dutch virtual reality studio through its subsidiary Koch Media for € 40 million ($ 47.4 million) in cash and € 10 million ($ 11.8 million) in recently issued B shares, though it could pay an additional € 25 million ($ 29.6 million) in cash if certain financial and production targets are met over the next decade.
Vertigo has developed and published several virtual reality titles including Arizona sun, Tale of a fisherman, Heavenly worldand After the fall. The company also has a video game business that sees it distribute its own and third-party virtual reality titles to video game operators around the world.
Following the agreement, Vertigo will continue to operate independently under the Koch Media umbrella and will work across the Embracer Group to “find broader collaboration within virtual reality.”
“We have been monitoring the virtual reality market very closely for the past few years. We believe that now is the right time to extend the activities of our groups to this rapidly growing market,” commented Dr. Klemens Kundratitz, CEO of Koch Media.
“I am sure that we are only at the beginning of the technological development of virtual reality and what it offers to gamers around the world. Together, we will further expand the boundaries of virtual reality games, combining our strong publishing network and global development with his Virtual Reality Gaming Experience. “
Embracer’s latest purchase comes just over a month after it announced a series of acquisitions including Meter developer 4A Games.
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