Infinite Reality acquires Ethereal Engine for $75M in share deal

3 weeks ago 61

February 12, 2024 5:00 AM

Infinite Reality is making immersive experiences.

Image Credit: Infinite Reality

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Infinite Reality, a maker of immersive virtual experiences, bought Ethereal Engine for $75 million in a share swap.

Los Angeles-based Ethereal Engine is a creator of end-to-end frameworks for web-first, social immersive experiences. It sounds like a metaverse company, but Norwalk, Connecticut-based Infinite Reality isn’t using that word.

The share-for-share acquisition values Infinite Reality at $2.5 billion and Ethereal Engine at $75 million.

The transaction establishes a multi-billion-dollar valuation benchmark for Infinite Reality following the December 2023 partnership and equity swap with Greenidge Generation Holdings. That means that the market values the company at $2.5 billion.

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