As the immersive technology industry matures, expect to see a lot of change happening as new companies are formed, then close or are bought out by larger companies, or merge together to form a bigger company. Bublar Group is already established as a publicly listed augmented reality (AR) videogame studio, but the company has now acquired Swedish AR and virtual reality (VR) studio Vobling.
The acquisition will see the combined companies becoming the largest publicly listed AR/VR solutions company in the Nordic region, giving them a strong position in the business-to-business market in that area.
The deal is said to be worth $5.5 million (USD), with Vobling’s worth coming from a combination of stock and cash. The expanded team will be aimed at ramping up production capacity for both corporate customers as well as the videogame portfolio, particularly with the company’s Hello Kitty AR title., which is expected to be released in 2019
“The AR/VR market is growing rapidly,” says Magnus Granqvist, CEO of Bublar Group. Through this acquisition, we strengthen our gaming studio with state-of-the art knowledge, production resources and the ability to capture opportunities from the corporate market. Together, we will work towards the goal of becoming the leading AR/VR company in Europe.”
“We are proud of the competent, profitable and fast-growing company we have built,” says Anders Ribbing, CEO of Vobling. “The industry is now on the cusp of major breakthroughs in AR/VR technology, evidenced by growing demand for our products and services. The synergies with Bublar will serve to increase our joint potential.”
As part of the terms of the acquisition, Vobling will become a subsidiary of Bublar, and will function under the Vobling brand. Vobling has previously worked on projects in education, video games and entertainment as well as marketing, real estate and transportation, mostly involving VR and AR.
For further coverage of new developments in VR and AR, keep checking back with VRFocus.