GoPro To Acquire Virtual Reality Tech Company

Written by Martin Kovacs     29/04/2015 | 12:39 | Category: INDUSTRY

GoPro is set to expand into virtual reality and spherical media solutions, announcing plans to acquire French-based company Kolor.

GoPro To Acquire Virtual Reality Tech CompanyGoPro announced the planned acquisition along with the release of its 2015 first quarter results, which saw it record a 54 per cent year-on-year jump in revenue, posting US$363 million in delivering the second highest revenue quarter in the company's history.

Net income surged during the quarter, with GoPro posting US$16.8 million, an increase of 98.2 per cent on last year's corresponding period.

Under the Kolor acquisition, all Kolor employees will join GoPro, maintaining operations in France.

"Spherical media enables a range of immersive viewing experiences and is an essential building block of virtual reality (VR), a technology poised to transform entertainment, education and other industries," GoPro stated in announcing the deal.

"Kolor's solutions enable users to combine multiple photographs or videos to produce high-resolution panoramic or spherical content that can be enjoyed on mobile devices, the web or in a virtual reality environment."

Nicholas Woodman, GoPro founder and CEO, stated GoPro is "excited to welcome Kolor".

"GoPro's capture devices and Kolor's software will combine to deliver exciting and highly accessible solutions for capturing, creating and sharing spherical content," Woodman stated.