Solotech president and CEO Martin Tremblay announced that the company has acquired XR Studios, a Los Angeles-based agency specializing in extended reality that’s comprised of augmented reality technology for live broadcast and virtual productions. As part of the strategic plan, XR Studios will continue to operate as a separate entity and brand.
With the acquisition, Solotech’s recently created Media and Entertainment Technology (MET) Division will make another step towards realizing its vision of developing new technologies that are at the crossroads of fans and artists, content producers, and online gamers. Solotech saw the increasing need for live streaming services and virtual production and adapted its offering to support its clients and create new opportunities.
“XR Studios helps creatives, agencies, artists, and production teams achieve their goals,” says J.T. Rooney, president of XR Studios. “At our core, we are a group of creative teams and producers that see the need for a company that sits in between the technology and the creative to help partners reach the finish line in this exciting new world of extended reality and virtual productions.”
The acquisition of XR Studios also brings new talent and chief technical officer Scott Millar onboard, who’s worked on multiple, large scale international AR projects with a focus on installation, engineering, and general AV technology. He’s been instrumental in the founding of the extended reality workflow, collaborating with software teams such as disguise, Notch, Unreal Engine, and Touch Designer, making Millar a vital expert of this technology.
This transaction will accelerate the path of Solotech and XR Studios’ goals to become a leading provider of extended reality solutions across the globe. “In addition to Los Angeles, we plan to open new studios in other thriving markets. Solotech already has an extensive footprint in 18 locations in the U.S., Canada, and the U.K. therefore, the new strategically located studios will be supported by strong teams and technology,” Tremblay notes.
Other new members of the MET Division, such as recently acquired Waveform, are expected to help build the strength and impact of XR Studios and the overall division. “The venture with XR Studios will fill the missing piece of the puzzle and be the 3rd pillar of our MET Division, adding complete virtual production and mixed reality solutions to our high-end live streaming and esports offering,” says Tremblay.
The company states that the XR industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 30.6 percent over the next six years.
Solotech
XR Studios
