Today's News |
Kelowna's Immersive Media Acquired by Hong Kong-based Digital Domain Holdings for $100 Million CDN
Friday, January 22, 2016
Kelowna, BC, January 22, 2016--(T-Net)--Kelowna-based virtual reality tech company Immersive Media announced today that it has been acquired by Digital Domain Holdings.
A definitive Share Purchase Agreement to acquire 53.9% of Immersive Media Ventures for US$38.9 million (CDN$ 54.8 million) was originally announced late last year (on December 10th), and a subsequent offer to purchase up to 100% of the company for US $72 million (or roughly $100 million Canadian) has now been confirmed by company officials.
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Editor's Note: As far as T-Net is aware, this acquisition may be the 2nd largest tech acquisition in the Interior region of BC ever, second only to the $350 million acquisition of Club Penguin by Disney back in 2007.
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In April 2015, Digital Domain Holdings Ltd., the parent company of visual effects studio Digital Domain, originally entered into a joint venture with Immersive Media to create content, including VR content. The joint venture, to be known as IM360, combined Digital Domain's expertise in computer generated imagery and motion capture with Immersive Media's 360-degree video hardware and software platforms.
Headquartered in Kelowna, British Columbia, Immersive Ventures Inc. owns Immersive Media Company in Vancouver, Wash and has operations in Dallas, Texas. The company licenses its patented "IM.Enabled" to content creators as well as technology enablers.
Immersive Media has been a pioneer and leading provider of 360°, full-motion, interactive video experiences. Immersive Media's patented imLive Platform and full production services create high-resolution, immersive video for a variety of applications, delivered on mobile, desktop, broadcast, Oculus Rift and Gear VR.
Its projects have ranged the entire media pipeline from hardware development, image acquisition, computer vision, computational photography, media distribution and interactive playback.
Digital Domain Holdings Limited, an investment holding company, engages in the media entertainment, property investment, and trading businesses in Hong Kong, the United States, Canada, Mainland China, and internationally. It operates in Media Entertainment, Property Investment, and Trading segments.
The Media Entertainment segment provides visual effects services for various motion picture studios, advertisers, and games. This segment also creates digital humans for concert performances; and co-produces feature films. The company was formerly known as Sun Innovation Holdings Limited and changed its name to Digital Domain Holdings Limited in December 2013. Digital Domain Holdings Limited was founded in 1992 and is headquartered in Central, Hong Kong.
Founded in 1993, Digital Domain (“original Digital Domain”) delivered innovative visuals for more than 100 movies including “X-Men: Days of Future Past,” “Iron Man 3,” “TRON: Legacy” and “Titanic.”
From facilities in California and Vancouver, British Columbia, Canada, including its own state-of-the-art virtual production studio, the Digital Domain 3.0 Group (consisting of Digital Domain 3.0, Inc., Digital Domain Productions 3.0 (BC), Ltd. and Mothership Media, Inc.) enables the creation of extraordinary visual images in traditional entertainment and advertising.
Contact:
Pen Clark, Director of Public Relations
Immersive Media
250-412-3634