Info Tech
Facebook set to purchase Oculus for $2 billion
SAN FRANCISCO – The world’s largest social network, Facebook inc will acquire the virtual reality goggle maker, Oculus VR inc for $2 billion.
With this planned acquisition, Facebook will be buying its way into the fast growing wearable device arena with its first ever hardware deal.
This deal comes hot on the heels of its $19 billion deal for messaging service WhatsApp, marks a big bet by Facebook to anticipate the next shift in an evolving technology industry, at a time when consumers are increasingly abandoning their PCs for smartphones.
Facebook was deemed late to recognize the shift to mobile devices and the company’s revenue has only recently begun to recover from the late start.
Many in the industry believe that wearable devices could represent the next big platform shift. Google Inc has been testing Google Glass, a stamp-sized electronic screen mounted to a pair of eyeglasses for several years. Last week, it introduced an effort to develop computerized wristwatches.
On Tuesday, Facebook said virtual-reality technology could emerge as the next social and communications platform.
“The history of our industry is that every 10 or 15 years there’s a new major computing platform, whether it’s the PC, the Web or now mobile,” Facebook co-founder and Chief Executive Mark Zuckerberg said in a conference call with analysts and media on Tuesday to discuss the acquisition.
“We’re making a long-term bet that immersive, virtual and augmented reality will become a part of people’s daily life,” the 29-year-old Zuckerberg said, noting that wearing the Oculus goggles was “different than anything I’ve ever experienced in my life.”
Zuckerberg said Facebook was not interested in becoming a hardware company and did not intend to try to make a profit from sales of the devices over the long term. Instead, he said Facebook’s software and services would continue to serve as the company’s underlying business, potentially generating revenue on Oculus devices through everything from advertising to sales of virtual goods.
While Oculus will operate as an independent company, Zuckerberg stressed that Facebook’s plans for Oculus extended well beyond games.
“Imagine enjoying a court side seat at a game, studying in a classroom of students and teachers all over the world or consulting with a doctor face-to-face – just by putting on goggles in your home,” he said.
In addition to game makers, Oculus has garnered some interest from developers keen on creating apps in areas like architecture, automobiles, marketing and education, the company has said.
Shares of Facebook, which have risen 25 percent in the past six months, were down nearly 1 percent at $64.36 in late trading on Tuesday.
Facebook’s recent spate of acquisitions is somewhat concerning, RBC Capital Markets analyst Mark Mahaney wrote in a note to investors on Tuesday. But he said that for a company of Facebook’s size, the deal did not seem “irrational.”
“The question this time is whether Facebook is too early or simply betting on the wrong platform. This won’t be known for some time. But if it gets the platform right, we’re relatively confident that Facebook will develop an effective monetization strategy for it, thus boosting its overall financial growth,” Mahaney said.
HAPPY, GO LUCKEY
The acquisition makes Oculus VR one of the most successful companies or projects to ever emerge from the fledgling Kickstarter program, which has helped attract small investments from the public for everything from the Pebble smartwatch to the recent “Veronica Mars” movie.
Oculus VR, founded by Palmer Luckey, a self-described virtual-reality enthusiast and hardware geek, got its start as a Kickstarter-funded program, drawing small investments from thousands of people on the popular fund-raising platform.
It quickly drew attention to its “Oculus Rift” virtual-reality glasses, demoed at tech and gaming conventions around the country.
Oculus VR raised $75 million in December in a round led by Andreessen Horowitz, to market its virtual-reality headset for video games and develop the product for use in areas like education, film, architecture and design. Andreessen Horowitz partner Marc Andreessen, who is also on Facebook’s board, said in a tweet on Tuesday that he was recused “on both sides” of the Facebook Oculus deal.
Other venture capital backers included Spark Capital, Formation 8 and Matrix Partners. Oculus now employs more than 100 people and has distributed some 75,000 software development kits for Oculus Rift to game developers and others.
It recently began taking orders for new software development kits with better graphics and features to reduce motion sickness – a frequent complaint of the old prototype – slated to ship in July for $350 apiece.
Oculus plans to produce commercial versions of its virtual-reality glasses, called Oculus Rift, which users mount on their heads with a strap. It also hopes to take its technology beyond gaming.
“Virtual reality creates a canvas that is much richer than anything we’ve seen in computing so far,” Antonio Rodriguez, Oculus board member and general partner at Matrix Partners said in an interview with Reuters on Tuesday.
He said virtual reality presents an opportunity to re-imagine various tasks and social interactions in areas like medicine and education.
So far, “people have done all sort of apps (outside gaming) like body switching apps, where two bodies are scanned and you can switch identities.
Last week, Sony unveiled a prototype for a new virtual-reality headset accessory for its Playstation 4 games console at the annual Game Developers Conference in San Francisco. The headset, still in development under the name “Project Morpheus”, is designed to provide an immersive experience for gamers and is poised to compete with Oculus’ Rift once both devices are on the market.
DEAL SPREE
The deal, which Facebook said is expected to close in the second quarter, marks the company’s second multi-billion dollar acquisition since mid-February.
Zuckerberg said on the call the two deals involved “incredibly rare companies” and that Facebook was unlikely to continue making big acquisitions at a similar pace.
Facebook ended 2013 with $11.45 billion in cash and marketable securities. The company’s $19 billion acquisition of WhatsApp includes $4 billion in cash. The Oculus deal comprises $400 million in cash and 23.1 million shares of Facebook common stock.
In efforts at spicing up the 2023 ITREALMS E-Waste Dialogue, the management of ITREALMS Media has partnered with E-waste Producer Responsibility Organization of Nigeria (EPRON) membership organisations for a day-long collection scheme of small electronic waste on Friday, December 15, 2023.
The EPRON members aligning their partnership with 2023 ITREALMS E-Waste Dialogue are EL-AS Tech Enterprises Limited and WEEE Eco-Friendly.
ITREALMS’ day-long collection scheme is part of the commemoration of 2023 international E-Waste Day (IEWD) within the ITREALMS E-Waste Dialogue with the theme “You Can Recycle Anything with a plug, battery or cable” at Welcome Centre Hotels, International Airport Road, Lagos.
Revealing this collaboration, the Group Executive Editor, ITREALMS Media, the organisers of the 2023 ITREALMS E-Waste Dialogue, Sir. Remmy Nweke, urged mobile device enthusiasts to come along with their devices that have reached their end-of-life to the venue for proper disposition by professionals who would also be on grounds to address some topical issues.
The collection of small electronic wastes especially mobile phones and like-devices, would be carried out by EPRON member organisation, EL-AS Tech Enterprises Limited as facilitated by ITREALMS Media group as part of this year’s ITREALMS E-Waste Dialogue on Friday, December 15, he added.
He disclosed that the exercise would commence at Welcome Centre Hotel by 9am till close of work hours the same day.
Nweke pointed out that the collection of small e-waste items would include mobile phones, pointers mouse, earpieces, rechargeable torches, phone chargers, to name a few.
Further, he said, that this initiative has become time-serving because some people may have missed any other opportunity before now for the year-long campaign, hence this awareness on e-Waste has to be continuous, “ITREALMS came up with this scheme.”
Nweke beckoned on Nigerians, especially mobile phone users, to leverage the opportunity in disposing of their mobile devices they no longer use, of course in exchange for a voucher or gift item.
In her reaction to this year’s day-long small waste collection, EPRON Executive Secretary, Mrs. Ibukun Faluyi, described the initiative as commendable, expressing confidence it would intensify the collection of end-of-life devices for proper disposition.
Mrs. Faluyi, also urged Nigerians to take advantage of this day-long collection of small wastes courtesy of ITREALMS Media.
Recalling for instance that in October 2022, EPRON had partnered SLOT alongside some UN agencies for collection of small e-waste items in Lagos, including the United Nations Information Centres (UNIC), United Nations Industrial Development Organization (UNIDO), International Labour Organisation (ILO), Lagos Waste Management Authority (LAWMA) and Lagos State Environmental Protection Agency (LASEPA).
This is even as the Executive Vice Chairman of the Nigerian Communications Commission (NCC) Dr. Aminu Maida and Director-General, National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Aliyu Jauro, would both lead speakers at the 2023 ITREALMS E-Waste Dialogue slated for this Friday, December 15, in Lagos.
Today, September 12, the tech corporation Apple will introduce the iPhone 15, their newest iPhone model.
According to a Forbes story, this model, which will be introduced at the company’s “Wanderlust” event in Cupertino, California, will be available in four variations: the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max.
Here are five things you should know about the new iPhone 15 model.
1. The new model is made of titaniu, not stainless steel as some other Apple smartphone models, Senior research analyst at DIGITIMES, Luke Lin reports.
2. The Pro Max model will feature double the optical zoom on the iPhone 14 as it comes with a newly-introduced ‘periscope lens upgrade, performing 5-6x optical zoom.’
3. The Pro models will carry an A17 bionic chip expected to make it perform faster.
4. The iPhone 15 model will feature a USB-C charging port, the same port featured on some Android phone models.
5. Due to its titanium shell, the new model is anticipated to be more expensive to purchase. The following is the speculated price list, as reported by Forbes:
The iPhone 15 starts at $799, the iPhone 15 Plus at $899, the iPhone 15 Pro at $1,099 ($100 increase), and the iPhone 15 Pro Max at $1,299 ($200 increase).
In an effort to reduce the exorbitant cost of Premium Motor Spirit, better known as petrol, the Infrastructure Bank Plc announced its collaboration with FEMADEC Group on Monday to offer 500 buses powered by autogas (Compressed Natural Gas).
Partners in the agreement claimed that the project was created to provide citizens with dependable, affordable, and environmentally friendly travel options, taking into account the negative effects of the nationwide increase in PMS costs.
Under Decree No. 51 of the Federal Republic of Nigeria’s 1992 Constitution, the Infrastructure Bank, originally known as the Urban Development Bank of Nigeria Plc, was founded in 1992 to promote the quick development of infrastructure throughout the nation.
In a statement issued in Abuja on its partnership with FEMADEC, the bank said, “The preliminary offer extended by TIB lays a solid foundation for the expansion of FEMADEC Group’s CNG bus fleet.
“With plans to introduce 500 CNG buses within the next five years, commencing with an initial batch of 50 buses in the forthcoming year, this proposal stands poised to instigate significant change.
“The acceptance of this proposition by FEMADEC Group, notably championed by Fola Akinnola, the Group Chief Executive Officer, is a testament to their zeal and dedication to this alliance.”
The bank described the partnership as a “pivotal endeavour that is primed to redefine Nigeria’s public transportation landscape, offering dependable, cost-effective, and ecologically conscious travel alternatives for citizens, while harmonising with the nation’s broader sustainability ambitions.”
“This partnership represents a remarkable stride towards a more ecologically aware future for Nigeria’s transportation sector, highlighting the shared commitment of both TIB and FEMADEC Group to sustainable advancement and progress.”
It said FEMADEC Group’s strides in operating Compressed Natural Gas buses, including the existing fleet of 20 CNG buses under LAMATA, underscored their unwavering dedication to ecologically sound solutions, a commitment predating the fuel subsidy removal.
“Their leadership within the CNG value chain is undeniable, and the new alliance with TIB underscores their foresight.
“This partnership seamlessly aligns with TIB’s sustainability objectives, echoing their resolute endorsement of the government’s net-zero and climate change agenda.
“The bank’s aspiration to champion Nigeria’s infrastructure progress is evident in its endorsement of pivotal initiatives like this, yielding expansive positive impacts on both the environment and society,” the bank stated.
The bank added that it would continue to make a significant contribution to the country’s growth as a leading financial institution committed to advancing effective and long-lasting infrastructure projects.
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