European games giant Embracer is once again spending cash, this time splashing out to buy virtual reality studio Vertigo via its Koch Media subsidiary.
The company has bought the VR firm for €50m ($59.3m), €40m ($47.5m) of which is being paid out in cash, with the remaining €10m ($11.9m) taking the form of newly-issued shares in Embracer.
“Since we decided to focus exclusively on VR gaming in 2013, we have experienced rapid growth with the release of global hit Arizona Sunshine, and we have our most ambitious project to date, After the Fall," Vertigo CEO Richard Stitselaar said.
"The VR gaming market seems to be on the edge of really taking off with the coming together of better, more accessible hardware and more and more high-quality content being released and announced. We believe that now is the time to accelerate and in Koch Media and Embracer we have found the perfect partner to do so together with”, said CEO of Vertigo Games.
Koch Media boss, Dr. Klemens Kundratitz, added: “We have been monitoring the VR market over the past years very closely. We feel that now is the right time to extend our groups activities into this fast-growing market. I am sure that we are only at the beginning of the technological development of VR and what it offers players around the globe. We are delighted that with the acquisition of Vertigo Games, leading VR experts are joining our group. Together, we will push the boundaries of VR gaming even further, combining our strong global development and publishing network with their specialised VR games expertise.”
This is just the latest in a long line of acquisitions made by Embracer Group. Just last month, the THQ Nordic parent company snapped up a whole load of studios, including Metro developer 4A and New World Interactive, the firm behind Insurgency: Sandstorm.