Business
The Glimpse Group Announces Acquisition of 11th Subsidiary Company: XR Terra, a Provider of VR & AR Software Development and Design Training Courses
Asset Acquisition expands Glimpse's offering in the EdTech, Corporate Learning and Workforce Development marketsNEW YORK, NY / ACCESSWIRE / September 30, 2021
About this update from The Glimpse Group, Inc.
[{"type":"text","content":"Asset Acquisition expands Glimpse's offering in the EdTech, Corporate Learning and Workforce Development marketsNEW YORK, NY / ACCESSWIRE / September 30, 2021 / The Glimpse Group, Inc. (NASDAQ:VRAR) (\"Glimpse\" or the \"Company\"), a diversifiedVirtual Reality and Augmented Reality (\"VR\" and \"AR\") platform company providing enterprise-focused VR and AR software & services solutions, announced today that it acquired the assets of XR Terra, a Boston based company, with an expected closing of October 1, 2021.XR Terra (xrterra.com) was founded in 2019 in response to the growing need for a structured, outcome-focused training program to educate aspiring XR (VR, AR) professionals including software developers, 3D artists and executives. XR Terra works with XR experts, enterprise partners and academic institutions to create an industry-driven training program with the goal to graduate market-competitive XR talent and matches each program graduate with XR roles at top organizations. In its first fiscal year of operations, XR Terra generated approximately $0.5 million in revenues, primarily in direct to consumer (B2C) revenues.Link to Video: https://vimeo.com/618400041The acquisition was structured as an asset acquisition and no liabilities were assumed by Glimpse. The transaction is primarily equity based and includes an initial nominally dilutive issuance of common shares and a one-time nominal cash payment. Potential future equity-only performance payments are subject to the achievement of significant XR Terra revenue growth milestones through December 31, 2023 centered on Business-to-Business (B2B) revenues only. The acquisition is expected to be accretive to Glimpse.Hakan Satiroglu, Founder and CEO at XR Terra, will continue to lead XR Terra as its General Manager under Glimpse. He is a serial EdTech and social impact entrepreneur and is recognized as a visionary in the global EdTech sector. Satiroglu's career in EdTech entrepreneurship began in 2004 with his founding of Xplana Learning. As CEO, he led Xplana to become a premier EdTech research and development company that created products for learning companies, including Pearson, McGraw Hill Education, Cengage, and Houghton Mifflin Harcourt. Xplana Learning was acquired in 2009 by MBS Textbook Exchange, one of the largest textbook distribution companies in the U.S. at that ti...