Facebook acquired the virtual reality company Oculus in 2014. Facebook announced the agreement on March 25, 2014, valuing the deal at approximately $2 billion in cash and stock.
Oculus began as a virtual-reality hardware company founded by Palmer Luckey and became known for developing the Oculus Rift headset. Its acquisition gave Facebook a major foothold in immersive technology beyond its social-networking business.
The deal was announced shortly after Facebook agreed to acquire WhatsApp, making 2014 a particularly notable year for the company’s expansion. Facebook said Oculus could support gaming, communications, education, and other virtual-reality experiences.
A common mix-up is confusing the acquisition year with the Rift’s earlier crowdfunding and development milestones. Oculus’s acquisition was announced in 2014; the headset’s consumer launch came later.