PITTSBURGH, July 1, 2015 /PRNewswire/ -- 360fly, Inc., the category creator in 360-degree digital video products, today announced the company has entered into a letter of intent (LOI) with VSN Mobile, Inc. to acquire assets, intellectual property rights, and existing personnel specifically relating to VSN's 360-degree camera development. Other aspects of VSN's core business are not anticipated to be included in this transaction, and VSN Mobile will continue its operation of those business units independently. This announcement commences the process of conducting a 60-day due diligence time period and begins the creation of a definitive agreement to transfer VSN's 360-degree video unit to 360fly. Under the terms of the LOI, the parties will evaluate and select an optimal deal structure with the objective of formalizing a definitive acquisition agreement.
This agreement with VSN Mobile is in keeping with the plans of 360fly to be the category-leading provider of products that enable 360-degree video content creation. The deal includes approximately 24 engineering staff members who will immediately begin to assist the 360fly team and aggressively drive new and advanced product development. Also included are the patents and development advancements that are integral to VSN's V.360-degree camera, a product that currently captures 4K/16 megapixel images in full 1080p high-definition.
"We're very pleased to be pursuing this direction with VSN. There are a lot of synergies between our two companies, and the work we're doing around 360-degree video, virtual reality, and even more advanced applications of our technology," said Peter Adderton, CEO of 360fly, Inc. "This deal further validates our commitment to grow 360fly to be the leader in 360-degree video and VR capture products for consumers, as well as specialty markets. We need the best and brightest people we can find to expand our already incredible team. Their development talent is impeccable – 360fly and VSN suit each other well."
Mr. Adderton continued, "We've seen an incredible level of interest not only for our mainstream consumer products, but also for specialized applications of our technology across a range of niche categories. To act on those opportunities, we need even more smart people. Acquisitions such as this one will continue to be a key component of our strategy to secure our leadership position in this space."
VSN Mobile president Peter Aloumanis added, "Both companies are already set to deliver leading solutions in this space, but given it's an emerging category, this agreement positions us to be able to advance more innovations at a quicker pace. For the marketplace, it means more useful solutions will be made readily available sooner."
360fly creates unique, 360-degree digital products that inspire users to capture, share and experience life's greatest moments in 360 degrees. Our passion has led us to redefine video capture, because we believe life is too rich to capture just part of it.
SOURCE 360fly, Inc.