OpenFrame is pleased to announce the recent acquisition of Giroptic, a pioneer and world leader in 360-degree cameras. As part of the acquisition, OpenFrame will acquire multiple patents that Giroptic has registered globally over the past decade.
OpenFrame’s corporate aim is to leverage the power of 360-degree photos and video with simple apps for industry specific use cases. The first app, OpenFrame for Real Estate, offers the simplest camera and app for mass adoption by real estate agents to create virtual video tours for every property.
“Since launching earlier in 2018, we’ve seen increasing demand and needed to secure our supply of cameras to match the rapid growth we’re experiencing”, Aymeric Vigneras, OpenFrame’s CEO said. “Our acquisition of Giroptic fits well within our broader strategy and brings us one step closer to accomplishing our goal of becoming the video standard in real estate for all listings.”
Giroptic’s technology and R&D pipeline of features allows OpenFrame to offer a one-of-a-kind 360-degree camera to OpenFrame’s subscribers. The Giroptic 360-degree camera has a unique form factor that offers simplicity and the best user experience for real-world usage by real estate agents.
“We believe that through our innovative approach we will be able to drive mass adoption of video tours across the real estate industry – from luxury properties to inexpensive short-term rentals. Acquiring the IP of Giroptic, our former supplier, was a strategic imperative to offer our customers the easiest, simplest and fastest way to create virtual video tours at an affordable price.”, said Etienne Leroy, Chief Product Officer at OpenFrame.
Thanks to the acquisition of Giroptic, OpenFrame will accelerate the release of innovative features, such as 3D renderings, to better serve the unique needs of the real estate market.
“I’m excited to see where OpenFrame takes the technology that we’ve developed over the years. It’s given a second life to the vision we had for Giroptic and the power of 360-degree images to communicate in a unique way.” said Richard Ollier, the former CEO of Giroptic.
Based on recent survey by Coldwell Banker, 84% of home buyers would like to see a video tour of a home prior to visiting the prospective home. Additionally, listings with a video tour receive 403% more inquiries from prospective buyers than those that don’t have a video tour.
Yet OpenFrame found that only 9% of agents use video for every property listing. 75% of agents cited the added cost and time of creating a video tour as a barrier to creating video tours for every listing. After a month of use, 85% of OpenFrame users reported that the solution helped them to win more listings and/or sell a property faster.
“There is a real market need for simplicity and affordability”, said Sean McGrail, Chief Revenue Officer. “Our competitors in the space tend to over-engineer the solution with layers of complexity, which adds to the cost, and ultimately renders the technology useless for the average real estate agent. The Giroptic camera hits the sweet spot of affordability, ease of use, quality imagery and simplicity. This acquisition gives us an unfair competitive advantage and the ability to grab significant market share.”