Infinite Reality, the Global Leader in Immersive Experiences, Strengthens Team with Acquisition of Cutting-Edge Social Sports Platform Stakes
16 April 2024 - 10:00PM
Infinite Reality (“iR” or the “Company”), a leading global provider
of cutting-edge virtual, AI-powered immersive experiences, and
Stakes, a fast-growing social sports platform that allows fans to
compete, prove their sports knowledge and engage with their
communities, announced today that the two companies have completed
a share-for-share acquisition. The all-stock transaction values
Infinite Reality at $3 billion and Stakes at $8 million and further
strengthens iR's position as a premier provider of innovative
digital experiences and immersive sports offerings.
This latest transaction provides yet another
multi-billion-dollar valuation benchmark for Infinite Reality
following the February 2024 share-for-share acquisition of Ethereal
Engine, the December 2023 partnership and equity swap with
Greenidge Generation Holdings and the proposed December 2022
go-public deal with Newbury Street Acquisition Corporation.
The addition of the Stakes team, whose members include talent
from leading gaming companies such as Zynga, Electronic Arts and
Wagr (acquired by Yahoo! in 2023), will supercharge iR's mobile
development capabilities, add expertise on audience engagement and
help future-proof the Company for further blockchain and Web3.0
integrations.
Stakes' previous investors include Angi, Dotdash Meredith,
People Magazine and Travel + Leisure owner IAC, New York Mets and
Brooklyn Cyclones owner Sterling Select Group and one of the
world’s largest blockchain investment firms, FBG Capital.
Stakes was founded in 2022 with the mission of creating a global
reputation network for sports fans. The platform allows users to
compete against friends, rival fans and even professional athletes
in sports trivia and prediction challenges, combining gameplay and
social and digital collectibles. Stakes has seen strong traction,
growing to over two million predictions and trivia questions
answered since launch and over 70% month-over-month engagement
growth since July 2023.
John Acunto, CEO of Infinite Reality, commented, “The
acquisition of Stakes, and specifically its world-class technology
team, will bolster Infinite Reality’s mobile development platform,
bringing in new capabilities for social engagement, gamification
and access from any device. The integration of this dynamic team
with our existing talent will help accelerate our roadmap of
creating some of the most innovative, engaging and advanced digital
experiences for businesses and consumers alike.”
Kevin Wang, CEO of Stakes, commented, “As the lines increasingly
blur between online and real-life identities, the world, and
especially the younger generations who are native gamers, is
craving more immersive and engaged experiences. At Stakes, we built
a platform to bridge someone's real-life sports fandom into an
online identity. Now, with the power of Infinite Reality’s
far-reaching and diversified infrastructure, we are able to work
together to apply that concept at an even grander scale across
sports, commerce, education and almost anything else the Internet
is used for today. We are thrilled to be joining such a pioneering
company that is shaping the future of entertainment.”
About StakesStakes is a social sports platform
that allows fans to compete, prove their sports knowledge and
engage with their communities. The company was founded in 2022 with
the mission of creating a global reputation network for sports
fans. Stakes has seen strong traction, growing to over two million
predictions and trivia questions answered since launch. For more
information, visit www.playwithstakes.com.
About Infinite RealityInfinite Reality (“iR”)
is an innovative technology and entertainment company specializing
in the development of cutting-edge, AI-powered immersive
experiences. iR’s immersive experiences enable brands and creators
to fully control the ways in which they distribute content, engage
audiences, and commercialize their creations while also giving them
ownership over their data. With its deep expertise in Hollywood
production, iR develops immersive experiences that maximize the
value between brands, content, and audiences and redefine the
possibilities in connected digital environments.
Investor & Media Contacts:Brett Milotte,
ICR Brett.Milotte@icrinc.com