Cemtrex Intending To Acquire VR Software Studio
Technical design company enters VR sector with intent to acquire VR software studio for undisclosed sum.
Design and manufacturing company Cemtrex have indicated that they are preparing to acquire a virtual reality (VR) software studio based in New York City. Cemtrex have previously worked with developing various electronic consumer products, though the company has not previously engaged with the VR industry.
The software studio has not been named due to confidentiality agreements, but has been identified as a studio involved in augmented reality (AR) work as well as VR software development for training simulations, product prototypes, virtual customer experiences and videogaming applications. The studio in question has been in business since 2010 and has a pool of over 30 developers and generates sales figures of over $1.5 million (USD) annually.
“With the establishment of our Cemtrex Advanced technologies subsidiary in July of this year, the Company had entered into the development of advanced electronic products, but as we continue to grow we believe it is important for us to have comprehensive software development capabilities. This software studio’s experienced workforce has extensive expertise over VR & AR software development for wide applications of products and solutions, including custom AR effects, 3D Augmented reality, artistic content creation and third party software integration to building a solution that creates real world environments. Additionally, many of our existing customers who rely on us for hardware expertise look to us to provide software solutions and through this acquisition we will be able to meet this growing demand in the future,” said Mr. Saagar Govil, Chairman & CEO of Cemtrex, “We have focused on positioning Cemtrex into cutting edge technologies that will be at the fore-front of our daily lives in the coming decade and the acquisition of this software studio shall provide tremendous global opportunities for our company in this newly emerging market,” added Mr. Govil.
Cemtrex expect to complete the deal by the end of the year. The full terms of the deal have yet to be revealed.
VRFocus will continue to report on new developments within the VR industry.