Serious Labs and SIMS Complete Transaction to Transfer Industrial VR Simulator Assets
Serious Labs and Serious Industrial Motion Simulators (SIMS) have successfully transferred the industrial division of Serious Labs to SIMS. This includes all assets, employees, simulator hardware, and Software as a Service (SaaS) recurring revenue related to Serious Labs’ mobile elevated work platform (MEWP) VR simulator. The transfer, however, does not include assets associated with Serious Labs’ MELT VR commercial vehicle project. SIMS recognizes the value of using simulators for training industrial equipment operators and is excited to engage with customers to reinforce their commitment to customer service and innovation.
SIMS Looks to Safely Train Industrial Equipment Operators
SIMS, a private equity-backed entity, is focused on using simulators to safely and efficiently train industrial equipment operators. Terry Allen, SIMS president and CEO, believes that simulators are especially valuable in high-risk activities like aircraft maintenance and industrial facilities maintenance. With their impressive technology and team, SIMS plans to provide continuous innovation and exceptional customer service to their clients.
Former Serious Labs CEO Highlights Aviation Experience and Focus of SIMS Executive Team
Jim Colvin, former Serious Labs CEO and SIMS executive chairman, is excited about the aviation experience and focus that the SIMS executive team brings. He believes that their expertise will greatly benefit Serious Labs’ existing customer base in the aviation maintenance, repair, and overhaul (MRO) sector, which includes major airlines and aerospace manufacturers. The aviation industry will see significant advancements with the use of Serious Labs’ VR technology.
VR Simulation Set to Revolutionize Equipment Rental Industry
Former equipment rental industry senior executive Gregg Christensen, who joins the SIMS executive team as EVP business development, sees great potential for VR simulation in the equipment rental industry. He believes that VR simulation will become the norm for training new operators and assessing the competency of existing operators. In high-risk and high-cost sectors like aviation MRO and facilities maintenance, understanding the capabilities of operators is crucial, and VR simulation offers a significant value-add for rental customers.
Future Focus for Serious Labs: Strategic Partnerships for MELT VR Commercial Vehicle Project
With the transfer of the industrial division to SIMS, Serious Labs can now concentrate on identifying strategic partners for its MELT VR commercial vehicle project. This transaction will allow Serious Labs to have a renewed focus on continuous innovation and customer success in this exciting project.
Shareholders and Lenders Approve the Confidential Transaction Terms
The confidential transaction terms between Serious Labs and SIMS have received unanimous approval from shareholders who attended the recent Special Meeting of the Shareholders. Additionally, the transaction has also received approval and consent from its secured lenders. This approval emphasizes the support and confidence in the decision to transfer the industrial division to SIMS.
Analyst comment
Positive news: Serious Labs and SIMS have successfully transferred the industrial division, including assets and employees, to SIMS. SIMS recognizes the value of using simulators for training industrial equipment operators and is committed to customer service and innovation. SIMS plans to provide continuous innovation and exceptional customer service to their clients, especially in high-risk activities like aircraft and industrial maintenance. Former Serious Labs CEO highlights the expertise of the SIMS executive team and their potential advancements in the aviation industry. The former executive of the equipment rental industry sees great potential for VR simulation in assessing operator competency. Serious Labs can now focus on strategic partnerships for its MELT VR commercial vehicle project.
Short analyst statement: SIMS’s acquisition of Serious Labs’ industrial division strengthens their position in the market and allows for increased focus on innovation and customer service. VR simulation is expected to revolutionize the training of industrial equipment operators, particularly in high-risk sectors. With the transfer complete, Serious Labs can now concentrate on developing strategic partnerships for its MELT VR commercial vehicle project. Overall, this transaction is expected to have a positive impact on the market.
