EDMONTON (January 18, 2024): Serious Labs Inc. (“Serious Labs”), the global leader in virtual reality (VR) equipment training simulators, and Serious Industrial Motion Simulators Inc. (“SIMS”), a private equitybacked entity headquartered in Edmonton, Alberta, announced today that they have completed a transaction to transfer the industrial VR simulator assets and business operations (the “Industrial Division”) from Serious Labs to SIMS. The Industrial Division acquired by SIMS includes all assets, employees, simulator hardware and SaaS recurring revenue related to Serious Labs’ award-winning MEWP VR Simulator, among other VR products. The transfer of the Industrial Division will not include the assets associated with Serious Labs’ MELT VR commercial vehicle project.
“We at SIMS recognize 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” remarked SIMS’ President and CEO Terry Allen. Allen, who boasts a 35-year career as a serial entrepreneur in the information technology and automotive industry along with being an Air Transport-rated commercial pilot, affirmed “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.”
“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”, added Lyle Edwards, Chairman of Serious Labs. The confidential transaction terms received unanimous approval from shareholders who attended the recent Serious Labs Special Meeting of the Shareholders, as well as approval and consent from its secured lenders.
About Serious Labs Founded as 3D Interactive in 2005, Serious Labs (www.seriouslabs.com) has grown to be a world leader in immersive simulation and experiential training solutions that enhance workplace readiness, competency, confidence, and safety for a 21st century industrial workforce. From VR simulators to collaborative VR environments, our technology is a portal to greater potential. About SIMS Established as a special purpose vehicle to acquire the Industrial Division of Serious Labs, SIMS (www.industrialsims.com) is backed by private equity investors, which include a seasoned, hands-on executive leadership team with extensive experience in acquiring, operating, and growing enterprise SaaS businesses in the global marketplace.
Serious Labs Media Contact:
Chairman of the Board
SIMS Media Contact:
Terry W. Allen
President & CEO