Serious Labs sells industrial VR training division

(IMAGE: Serious Labs)

Under the agreement, the assets, employees, simulator hardware and recurring revenue generated from its Software as a service (SaaS) will be owned by SIMS.

The assets associated with Serious Labs’ MELT VR commercial vehicle project are not included.

Serious Labs said the transaction received unanimous approval from shareholders at a Special Meeting of the Shareholders and was also backed by secured lenders.

Terry Alle, president and CEO, SIMS, said,“We at SIMS recognise the value of using simulators to safely, efficiently, and cost-effectively train a new generation of industrial equipment operators, particularly in high-risk activities like aircraft maintenance and industrial facilities maintenance.

“We are impressed with the technology and the Serious Labs team and are excited to engage with customers to re-enforce our commitment at SIMS to customer service and continuous innovation.”

Lyle Edwards, chairman, Serious Labs, added, “This transaction with SIMS will offer a renewed focus on continuous innovation and customer success for the Industrial Division, freeing up Serious Labs to concentrate on identifying strategic partners for its MELT VR commercial vehicle project.”