Oculus VR is the Californian company behind the Oculus Rift, an immersive, google-like headset designed for video gaming. The device was developed through $2.4 million sourced by the crowdfunding website Kickstarter and subsequent investment of $75 million. Despite not yet being released there are 75,000 orders already in place for the development kits.
The incredibly reaction to Oculus Rift has already had ripple effects throughout the world of technology, with Sony being the latest company to announce the development of a rival product.
Shortly after news of the deal broke Facebook's boss, Mark Zuckerberg, said Oculus' technologies could "change the way we work, play and communicate". The deal itself includes $400 million in cash and over 23 million Facebook share, value at a total of $1.6 billion. Should the company achieve certain targets, Oculus employees can also look forward to an additional $300 million in the near future.
