Fantasy 360 Signs Binding Share Purchase Agreement To Acquire Synthesis VR Inc.
Strategic acquisition by Fantasy 360 adds an innovative company with a leading location-based virtual reality content store and technology engine powering approximately 300 global locations
Fantasy 360 Technologies Inc. d/b/a Immersive Tech (“Immersive Tech”, “Fantasy 360”, or the “Company”) is pleased to announce, further to its press release dated September 20, 2021, that it has entered into a binding share purchase agreement dated January 4, 2022 (the “SPA”) pursuant to which it shall acquire 100% of the equity interests of California-based Synthesis VR Inc. (“Synthesis VR”) (the “Transaction”). Synthesis VR is a leading Location-based Virtual Reality (“VR”) content store and technology engine empowering approximately 300 out-of-home entertainment locations worldwide with over 17,000,000 minutes played in 2021, an 81% increase over 2020 despite market headwinds from the global pandemic. Synthesis VR serves more than the Location-based entertainment industry, but also operates a broader sandbox platform serving the education and enterprise sectors as well. The Synthesis VR software engine provides everything the modern VR arcade and Family Entertainment Center needs to power their VR experiences, a vital component of many locations internationally.
Read More: SalesTechStar Interview With Tim Zheng, Founder And CEO At Apollo
Transaction Highlights:
- Provides Fantasy 360 with leading software and distribution capabilities that the Company expects will accelerate growth in the fast growing $148 Billion VR/AR market
- Synthesis VR is the only platform that supports Free Roam, Room-Scale, and Android- based tetherless Virtual Reality entertainment, a Gold Standard for VR arcade operators
- Synthesis VR provides over 325 Games and other experiences available through its extensive content catalogue
- Synthesis VR supports almost 300 entertainment center clients with locations across North America, Europe, India, South East Asia and Latin America
- Synthesis VR development partners include: KAT VR, bHaptics, ImSim, Codemasters, Survios, nDreams, Secret Location, Schell Games, Resolution Games, Wanadev, Never Bored and SUPERHOT among others
- Synthesis VR has seen over 17,000,000+ minutes played in 2021 across the network, an 81% increase over 2020 despite market headwinds from the global pandemic
- Synthesis VR software platform manages all guest bookings, payment processing, game licensing which supports multiple billing options such as pay per minute, monthly and a combination of both, self-serve in headset game launcher, membership & player tracking, leaderboards, that include email offers directly targeted to the client and many more client friendly offerings.
- Synthesis VR brings an experienced management team led by CEO A Shabeer Sinnalebbe and CTO Kamen Petrov
VR and augmented reality (“AR”) is rapidly transforming every aspect of people’s lives and businesses including paradigm shifts in entertainment, retail, manufacturing, healthcare, training and education industries. In a recent report titled “Seeing is believing” published by PwC, it was predicted that the VR/AR industry would grow from $148.5B in 2021 to contributing an estimated $1.5 Trillion to the global economy by 2030 with Out-of-Home entertainment playing a major part in this growth.
“We are pleased to have executed on our acquisition strategy and believe Synthesis VR will prove to be a market leader with its sophisticated technology engine, as already evidenced by its impressive user growth and engagement in 2021,” said Tim Bieber, Fantasy 360 CEO. “Fantasy 360 and Synthesis VR have very complementary assets and skill sets, and we look forward to working with their experienced team and leading VR technology platform to further accelerate growth. By also integrating their VR technology with our UNCONTAINED platform, we can further capitalize on the growing VR industry and gaming trends to create a next-gen Immersive Entertainment Platform.”
Read More: Built In Honors 3PL Central In Its Esteemed 2022 Best Places To Work Awards
A Shabeer Sinnalebbe, CEO of Synthesis VR states, “We at Synthesis VR are very excited to be joining the Fantasy 360 team. As we continue to develop our platform, this acquisition will allow our products and offerings to reach an even larger market, as we capitalize on synergies with Fantasy 360’s platform, clients and objectives. We are excited for our growth prospects as we continue to build our vision and capitalize on the growth of the VR industry.”
