September 24, 2021 – Fantasy 360 Technologies Inc. d/b/a Immersive Tech has this week announced that it has signed a binding letter of intent dated September 17, 2021 to acquire all of the shares of Synthesis VR Inc., a location-based virtual reality (VR) content store & technology engine empowering approximately 300 out-of-home entertainment locations worldwide. Synthesis VR also operates a broader sandbox platform that serves the education and enterprise sectors. Fantasy 360 will pay an aggregate purchase price of CAD $4,800,000, subject to applicable laws and the policies of the Canadian Securities Exchange.
According to Fantasy 360, so far in 2021 the Synthesis VR global community has already logged over 10,000,000 minutes of game play with over 600,000 booking reservations across its global network of 300+ operator centers and 130,000+ active users. The company offers a catalogue of over 325 games and other experiences, and has grown as the VR entertainment industry as a whole has seen increases in audience numbers, with game developers also creating more VR games to answer this consumer demand.
Fantasy 360 stated that it has positioned its ‘UNCONTAINED’ VR turnkey attractions as the base for its strategic plan, with an aim of creating an immersive entertainment platform that goes beyond conventional attraction manufacturing and unit sales, to one that encompasses hardware (attractions), technology (software to power an interconnected network) and content (app store, SDK and in-house studio) with an end goal of being a “physical portal to the Metaverse.”
Tim Bieber, CEO at Fantasy 360 Technologies, commented: “The Synthesis technology engine is the most sophisticated in the industry and a perfect fit for our Immersive Entertainment Platform technology core and a base to build our larger vision on. The pedigree, experience and partnerships the Synthesis team brings will be invaluable to building a strong foundation for us to collectively build on and create magic together.”
Shabeer Sinnalebbe, CEO of Synthesis VR, said: “We at Synthesis VR are very excited to be joining the Fantasy 360 family and continue to develop on our platform for our clients, many of whom have been with us since the beginning in 2017. This acquisition will allow our products and offerings to reach an even larger market and enable our dedicated team to assist and grow with Fantasy 360’s impressive objectives for today and beyond.”
The Synthesis VR technology stack, content store, VR arcades & family entertainment center clients worldwide, along with the company’s team, will become part of Fantasy 360. The combined team will continue to invest to improve the current Synthesis VR technology engine, providing many new features to it’s existing operator base around the globe.
According to Fantasy 360, the acquisition will see the Synthesis VR team continue in their roles and the development roadmap that the company had created prior to the acquisition will be accelerated with an additional investment into the Synthesis VR core platform. Plus, many new features and capabilities will be added to the Synthesis platform.
Fantasy 360 also noted that it plans to not only adopt the Synthesis VR technology into its own UNCONTAINED immersive entertainment platform, but to also market the standalone product offering to all it’s existing out-of-home entertainment clients and prospects in order to increase the number of users utilizing Synthesis VR’s software to power their VR gaming operations.
Image credit: Synthesis VR
About the author
Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.