Stockholm-based Starbreeze, a creator and publisher of entertainment products, today announced its acquisition of the Belgian visual effects (VFX) studio and PresenZ VR technology creator Nozon, for a total consideration of €7.1 million.
About 65% of that amount, or €4.6 million, will be paid in cash, and the remaining €2.5 million in newly issued Starbreeze B-shares.
In addition, the parties have agreed on a capped ten-year earn-out for Nozon founders based on PresenZ' future financial performance, taking effect after Starbreeze has recouped €2 million of its investment.
Founded back in 1998, Nozon has made a name for itself with high-quality visual effects, and in 2015 launched PresenZ, a technology for immersive virtual reality (VR) movies. The Belgian company booked €2.3 million in revenue that year.
Starbreeze CEO Bo Andersson Klint comments on the news:
“The future of VR is undefined but it is easy to imagine with this technology, where a space can be scanned and rendered in high quality CGI, the applications where you could render a space like the Louvre in Paris or Saint Mark’s Basilica in Venice, and provide interactive guided tours.
Additionally, one could potentially use computer graphic assets from a blockbuster Hollywood movie to create a cinematic VR experience.”