Virtual reality and augmented reality developer Leap Motion has been acquired by Ultrahaptics for $30 million.

As reported by The Wall Street Journal, the company behind the open-source North Star AR headset has been bought out by London-based Ultrahaptics who work with the same technology and are considered rivals.

Leap Motion co-founder David Holz and all of the engineering employees will join Ultrahaptics as part of the sale, while CEO and co-founder Michael Buckward will leave the firm after nine years.

10th of the price

If the sale is true, this figure is estimated at a 10th of what the company was worth only a few years prior.

Interestingly on May 30th, Ultrahaptics revealed in a blog post that it was partnering with Leap Motion in a strategic deal that solidifies their “collective role as the world’s leading spatial interaction company”.

Leap Motion initially brought in $50 million in 2017 through a series C funding round as it looked to expand its business into Asia. Whether this plan is still in motion is unclear from the purchase.