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Infinite Reality, the Global Leader in Immersive Experiences, Strengthens Team with Acquisition of Cutting-Edge Social Sports Platform Stakes

Acquisition of Social Gamification App for Sports Fans Expands Infinite Reality’s Product Development and Engineering Team and Enhances Company’s Technology Capabilities Across its Multiple Operating Verticals

LOS ANGELES, April 16, 2024 (GLOBE NEWSWIRE) -- 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 Stakes
Stakes 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 Reality
Infinite 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

 


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