FARMINGDALE, NY -- Cemtrex has signed a letter of intent to acquire a virtual reality software development studio for an undisclosed amount.
Due to confidentiality agreements , Cemtrex said it would wait until after closing to provide details about the acquired company. The company expects the transaction to close by year-end.
The New York City-based virtual reality and software development studio has been in business since 2010, has a pool of over 30 programmers with experience in prototype development and interaction design with annual sales of over $1.5 million. The studio’s Augmented Reality (AR) and Virtual Reality (VR) software and solutions help its clients develop software for training simulations, building product prototypes, creating virtual customer experiences and gaming apps. The software studio also has web, iOS, Android, and Windows software development capabilities.
“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," said Saagar Govil, chairman and CEO of Cemtrex. "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.”
“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,” he added.