The Glimpse Group, an enterprise-level augmented reality and virtual reality (AR/VR) platform provider, announced that its subsidiary firm QReal, an augmented reality platform, acquired fellow solution provider, PulpoAR. 

The acquisition will be integrated into Glimpse Turkey’s suite to create synergies and deliver growth, bringing its headcount to more than 100 employees. Furthermore, Onur Candan and Rayan Godoi (founders of PulpoAR) will continue to lead PulpoAR’s operations under QReal. The founders believe that the integration will enable them to expand capabilities and increase market presence. 

According to the terms of the deal, the purchase was primarily equity-based, comprising a dilutive issuance of shares priced at USD 7 per share, a one-off nominal cash payment, and future performance payments subject to the achievement of annual revenue growth targets until December 2024. The performance payments, too, are predominantly equity-based at a floor price of USD 7 per share, in line with Glimpse's policy on acquisitions post-IPO.

PulpoAR offers an AI-powered omnichannel virtual try-on augmented shopping solution for beauty brands. The platform’s solutions allow for personalized user experience, including facial makeup, nail polish, hair color, skin diagnostics, and analytics. The platform currently serves more than 20 companies including MAC cosmetics, SEPHORA, flormar, cheekbone, and Rossmann.