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360Fly Signs LOI with VSN Mobile 360 Degree Team

360fly, a 360 degree video outlet, has recently signed a letter of intent (LOI) to purchase assets and intellectual property rights of VSN Mobile’s 360 degree hardware, software and senior management team.

The company produces the 360fly single lens camera, which the acquisition will help with the development of the camera and virtual reality (VR) video solutions.

In the deal includes approximately 24 engineering staff members who will immediately begin to assist the 360fly team and 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.

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Peter Adderton, CEO of 360fly,Inc, “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.” Adderton goes on to say “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.”

VRFocus will be watching the development of the deal and reporting any further announcements from 360fly.