Business
ENGAGE reaches milestone of 100 customers
ENGAGE reaches milestone of 100 customers.
About this update from Engage Xr Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3135X\n VR Education Holdings PLC\n 04 May 2021\n \n \n \n \n 4 May 2021\n \n \n \n \n \n VR Education Holdings PLC\n \n \n (\"VRE\" or the \"Group\")\n \n \n \n \n \n ENGAGE reaches milestone of 100 customers\n \n \n \n \n \n ENGAGE reaches the milestone of one hundred commercial customers signed up to the platform in just two years as record monthly revenue also reached\n \n \n \n \n \n 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.\n \n \n \n \n \n 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 \n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n David Whelan, CEO, VRE, said:\n \n \n \"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. \n \n \n \n \n \n \n \"A high proportion of our new customers are established blue-chip compa...