ENGAGE reaches milestone of 100 customers
04 May 2021
ENGAGE reaches the milestone of one hundred commercial customers signed up to the platform in just two years as record monthly revenue also reached
VR Education Holdings PLC (AIM: VRE; Euronext Growth: 6VR), a virtual reality ('VR') technology company, is pleased to announce that its proprietary software platform ENGAGE has reached the milestone of 100 commercial customers. As a result, monthly revenue from the platform in April is a record €0.2 million bringing total ENGAGE revenue year to date to €0.6 million. This is the same amount as the total ENGAGE revenue for the financial year to 31 December 2020.
VRE is focused on becoming a leading global provider of virtual communications solutions through ENGAGE and its three solutions: Virtual Campus, Virtual Office, and Virtual Events. In the first four months of 2021, ENGAGE has signed up more than 30 new enterprise and institutional customers, including Abbot Laboratories, KPMG, MongoDB, and the US State Department. These organisations join 60 clients that signed contracts during 2020. In total, the Group has now signed up 100 organisations to the ENGAGE platform since its launch in May 2019.
Total Group revenue, including Showcase revenue, is €0.8 million, an increase of 300% against the same period last year (2019: €0.2 million). Management believes that Group revenue will be further bolstered by the recent reopening of VRE's 'Apollo 11 VR' US museum installations after a year of closures due to COVID-19.
David Whelan, CEO, VRE, said: "Over the last 12 months, we are seeing usage of ENGAGE accelerating week on week. We are ahead of our internal customer acquisition target in the first half of the year, with many customer renewals in the pipeline for the second half. Some existing customers are increasing the number of ENGAGE licenses they have, and many are now hosting regular events on the platform.
"A high proportion of our new customers are established blue-chip companies. ENGAGE is often the first time they have used VR to communicate and collaborate. What starts as an initial contact can blossom into long-term partnerships. As we grow our service, we expect ENGAGE to become an integral part of the companies' corporate communications strategy."
"Overall, we have had an extremely positive start to 2021. With a steady pipeline of opportunities coming to us directly and through our reseller partnerships, we are confident about making meaningful inroads this year towards achieving our medium-term ENGAGE growth targets."
The Group will be attending MelloMonday on 10 May 2021 taking place from 6pm to 9.30pm via Zoom webinar. David Whelan, CEO and Seamus Larrissey, CFO will be presenting and taking questions from participants. If you would like to attend, you can register here for the event (using code SHVIP for 75% off tickets).
For further information, please contact:
VR Education Holdings plc
David Whelan, CEO
Séamus Larrissey, CFO
Sandra Whelan, COO
Tel: +353 87 665 6708
Cairn Financial Advisers LLP (Nominated Adviser)
James Caithie / Liam Murray / Ludovico Lazzaretti
Tel: +44 (0) 20 7213 0880
Shard Capital Partners LLP (Joint Broker)
Damon Heath / Erik Woolgar
Tel: +44 (0) 20 7186 9952
Davy (Joint Broker & Euronext Growth Advisor)
Fergal Meegan / Barry Murphy
Tel: +353 1 679 6363
SEC Newgate (Financial PR)
Elisabeth Cowell / Robin Tozer / Isabelle Smurfit
Tel: +44 (0)7540 106 366
Notes to Editors:
VR Education (AIM: VRE; Euronext Growth: 6VR) is a virtual reality ('VR') technology company focused on becoming a leading global provider of virtual communications solutions through its proprietary software platform, ENGAGE, ENGAGE provides users with a platform for creating, sharing, and delivering VR content for education, training, and online events through its three solutions: Virtual Campus, Virtual Office, and Virtual Events.
VRE is listed on AIM in London and on the Enterprise Securities Market, a market regulated by Euronext Dublin. For further information, please visit: www.vreducationholdings.com