March 9, 2016
Southern Interior Development Initiative Trust plays pivotal role in Immersive Media’s journey to a highly successful acquisitionVernon, British Columbia
Southern Interior Development Initiative Trust (SIDIT) is proud to have been a partner investor providing funds to Immersive Media that enabled sustainability and a successful lucrative acquisition for the company.
Immersive Media has worked with a diverse set of clients such as CBC, Red Bull, XBOX and even Taylor Swift. On December 31, 2015 the company sold to Digital Domain, a Hollywood company specializing in digital FX. Digital Domain was co-founded by Avatar director James Cameron, and has produced FX for Hollywood blockbusters including Cameron’s Titanic, Furious 7, Pirates of the Caribbean, and the X-Men series.
Myles McGovern, Immersive Media’s CEO, was introduced to SIDIT in 2012 and realized the benefit in engaging SIDIT as a partner investor as they shared his company’s vision.
“SIDIT was instrumental in helping us with a one million dollar loan, which opened doors for other loans from BDC and Community Futures,” McGovern said. “Together, we worked towards the goal of creating jobs and opportunities in the Okanagan and we were fortunate enough to employ over 30 people.”
As the VR craze shows no sign of slowing down, Immersive Media’s technology is critical to the emerging trend and will continue to play a large part in the virtual reality landscape.
“SIDIT afforded us an opportunity to take an investment, and with it, see our company grow develop, and stabilize. It was a win/win/win,” McGovern said.
Grace McGregor, SIDIT’s Chairman of the Board, enjoys discussing SIDIT’s partner success stories like the sale of Immersive Media. “With Immersive, and other Southern Interior businesses we work with, we’ve helped take a company from the early stage of business to the success it has realized today.” McGregor said. “This is exactly the type of investment partnerships SIDIT engages in. We assist businesses from early stage to maturity, as there are gaps in access to capital on many levels. SIDIT partners with collaborative funders and professionals to realize businesses growth potential, creating a sustainable business that will create ongoing employment in the Southern Interior. We are very proud and pleased to be part of these success stories, as it showcases the BC Provincial Government’s focus on growing the technology industry.”
SIDIT’s investment allowed Immersive Media to continue going forward as the business makes the transition with now-parent company Digital Domain. McGovern and his team have made a three-year commitment to build and expand operations for Digital Domain, with many jobs and operations to be based in the Okanagan and Vancouver.