GoPro has announced acquisition of Kolor, a French software maker that specializes in the development of 360-degree interactive videos, CNET reported. The terms of the deal have not been disclosed.

The outlet took note of Nicholas Woodman's remarks, GoPro CEO, who said in a statement, "We are excited to welcome Kolor to GoPro."

"GoPro's capture devices and Kolor's software will combine to deliver exciting and highly accessible solutions for capturing, creating and sharing spherical content," the CEO went on.

According to Quartz, Kolor's software allows users to stitch photos and videos altogether to create panoramic scenes. Through this technology, footage clips will be processed to become virtual reality videos, a new arena apparently tapped by GoPro.

As part of the acquisition, all Kolor employees are said to join GoPro immediately, TechRadar noted. However, these people will stay at their home headquarters in Savoie, France, than move to GoPro's hub in San Mateo, California.

To celebrate the occasion, GoPro released a 4K, 360-degree video showcasing the prowess of Kolor's software. The camera manufacturer also promised to unveil more spherical videos soon, on other platforms like Oculus VR and the Samsung Gear VR, The Verge noted.

Woodman is convinced that his company will be able to lead the booming virtual reality landscape.

The Verge quoted his words, "We see that incredible opportunity for GoPro to be at the forefront of the virtual reality movement... Given that GoPro is already the most widely used capture device for capturing life experiences in an immersive manner, it's only natural that we have a seat at the table moving forward."

At this point, everything seems to be going in GoPro's favor, considering reported sales figures. The company recently disclosed its first-quarter revenue, in amounts that soar a 54% gain year-over-year, Fortune reported. The quarterly revenue amounted to $363.1 million.

Apparently, GoPro attributed more than half of its first-quarter revenue overseas. To some followers, this may not be surprising, as the company raked 70% across Europe and Asia in the fourth quarter. As told by Fortune, profits improved 52%, to $16.8 million or 13 cents per share.

With regards to FoPro's new products, TechRadar predicted, "Does this mean we'll get a 360-degree GoPro in stores tomorrow? Probably not. But this deal makes that a possibility sometime down the road."

Today, speculations are geared towards GoPro's alleged sequel to the Hero 4. Easily called the GoPro Hero 5, the device is rumored to offer a minimum of 4K resolution (60 frames per second), which could even reach up to 8K upon the device's release.

The purported camera is also believed to pack a more advanced Bluetooth, a dual-lens set-up, an A10 chip and the ability to resist water at 60 meters.

What do you want to see in a new GoPro camera?