E-sports entertainment conglomerate ReKTGlobal Inc. (ReKT) has officially been acquired by Infinite Reality Inc. (iR), which creates products in and around the metaverse. iR, which is valued at $2 billion, announced the close of this $470 million deal on July 5, 2022.
In the metaverse, consumers can participate in gaming and social networking through headsets. iR will be consulting ReKT's entertainment systems and integrating them into their own, including metaverse tools such as accessories for gaming, NFT minting, and remote production. As a predominantly e-sports-focused platform, ReKT will add competitive global gaming to iR's portfolio. At the moment, iR's technology helps creators access the data of their fans for improved discoverability and increased revenue.
"With the robust resources of our now officially combined entity, we can steward forward-looking brands into this new and evolving world," said ReKTGlobal Co-Founder and Chief Executive Officer Dave Bialek in a statement. "This will transform the future of business, entertainment, socializing, and learning."
There is unlimited future potential in the metaverse, added Amish Shah, ReKTGlobal Founder and Chairman, and he anticipates the new company will dominate the market for decades to come.
Previously, ReKT acquired content creators of their own, including marketing agency Greenlit Content, digital media company Fearless Media, fan engagement and monetization app FullCube, and TalentX Entertainment, a digital talent management company. ReKT also sponsors multiple global gaming tournaments featuring tremendously popular games such as League of Legends and Call of Duty.
iR has been busy lately as well—this deal with ReKT is their second this year. Earlier in the year, they announced a merger with Universal Security Instruments, Inc. (NYSE: UUU). The merger is still subject to approval by shareholders.