Solotech announced Dec. 17 that it has acquired Los Angeles-based XR Studios, a full-service agency specializing in extended reality. As part of the strategic plan, XR Studios will continue to operate as a separate entity and brand. Martin Tremblay, President and CEO of Group Solotech, made the announcement.
With this acquisition, Solotech’s recently created Media and Entertainment Technology (MET) Division will make another significant step towards realizing its vision of developing new technological solutions that are at the crossroads of three realities: fans and artists, content producers, and online gamers. A world-renowned leader in the live production industry, Solotech saw the increasing need for live streaming services and virtual production, and rapidly adapted its offering to support its clients and tackle new opportunities.
Located in Los Angeles – at the heart of the Entertainment Industry – XR Studios serves high-end clients in multiple segments such as TV, music, Fortune 500 companies, and live events. XR Studios pioneered innovative performances such as Katy Perry’s American Idol finale and MTV’s 2020 Video Music Awards. Other notable clients include Billie Eilish, Leon Bridges, Amazon, Verizon, Twitch, and many more.
“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 key talent and Chief Technical Officer, Scott Millar onboard. Millar has worked on multiple, large scale international AR projects, with a thorough focus in installation, engineering, and general AV technology. He has 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’ visions to become the leading provider of extended reality solutions across the globe. “In addition to Los Angeles, we plan to open new studios in other thriving markets,” says Tremblay. “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.”
Other new members of the MET Division, such as recently acquired Waveform, will 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.
With the XR industry expected to grow at a Compound Annual Growth Rate (CAGR) of 30.6% over the next 6 years*, Solotech and XR Studios are on the path for success. “We are looking forward to this new venture and are definitely on the watch for even more additions to position our MET Division at the absolute top, so stay tuned,” concludes Tremblay, “We are extremely happy about this opportunity; this acquisition has been possible with the continuous support of our shareholders Claridge, Desjardins Capital and Investissement Québec.”
*Source: https://www.marketsandmarkets.com/PressReleases/extended-reality.asp
Further information from Solotech: www.solotech.com
Further information from XR Studios: www.xrstudios.live
