Business
ENGAGE Update
ENGAGE Update.
About this update from Engage Xr Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5757U\n VR Education Holdings PLC\n 07 April 2021\n \n \n \n \n 7 April 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 has continued to gain strong traction in Q1 2021\n \n \n \n \n \n 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. \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. \n \n \n \n \n \n · \n Unaudited ENGAGE revenue for the first three months of 2021 is \n up 138% quarter on quarter to \n €0.4 million\n (equivalent to \n two-thirds of ENGAGE FY2020 revenue of €0.6 million)\n \n \n \n \n \n · \n Since the beginning of the year,\n \n 28 new enterprise and institutional customers have contracted to use ENGAGE in 2021, including the US State Department and \n a leading global database platform provider MongoDB\n . \n New clients are using ENGAGE for a variety of purposes, including business collaboration, training, and events.\n \n \n \n \n \n · \n 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.\n \n \n \n \n \n · \n 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.\n \n \n \n \n \n · \n Incorporating Showcase revenue, total unaudited Group revenue in the first quarter of 2021 is approximately €0.6 million.\n \n \n \n \n \n David Whelan, CEO, VRE, said:\n \"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 Zoo...