ENGAGE has continued to gain strong traction in Q1 2021
07 April 2021
VR Education (AIM: VRE; Euronext Growth: 6VR), a virtual reality ('VR') technology company, is pleased to announce that its proprietary software platform ENGAGE has continued to gain strong traction with customers and partners in the first quarter of 2021.
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.
- Unaudited ENGAGE revenue for the first three months of 2021 is up 138% quarter on quarter to €0.4 million (equivalent to two-thirds of ENGAGE FY2020 revenue of €0.6 million)
- Since the beginning of the year, 28 new enterprise and institutional customers have contracted to use ENGAGE in 2021, including the US State Department and a leading global database platform provider MongoDB. New clients are using ENGAGE for a variety of purposes, including business collaboration, training, and events.
- Partnership agreed in 2020 with VictoryXR, a leading VR and AR education provider, is growing the ENGAGE user base with students from Morehouse College in the US, the alma mater of Martin Luther King Jr, commencing three virtual classes for remote students.
- The Group is benefitting from increased investment in the ENGAGE sales organisation. Business development now has seven dedicated personnel to target growing global ENGAGE use, including in Asia, with substantial progress on plans to resource market development activities in North America.
- Incorporating Showcase revenue, total unaudited Group revenue in the first quarter of 2021 is approximately €0.6 million.
David Whelan, CEO, VRE, said: "ENGAGE usage continues to grow as more and more organisations worldwide see the benefits of the kind of immersive experience that ENGAGE offers versus traditional video-based communications tools such as Zoom and MS Teams. We are focused on building on the ENGAGE client, user and revenue momentum we generated in 2020. Over the coming year, we will be targeting enterprise and institutional clients in our key geographies of Europe, Asia and North America and grow ENGAGE usage."
This announcement contains inside information for the purposes of the UK Market Abuse Regulation, and the Directors of the Company are responsible for the release of this announcement.
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 .