The transaction covers 100% of Virtalis Holding and creates a group with €10 million in revenue and €2.5 million in EBITDA
Bilbao, 18 August, 2026.- Euronext-listed Virtualware (EPA: ALVIR) has signed an agreement to acquire 100% of Virtalis Holding, a Manchester-based virtual reality and RT3D visualization software company.
The transaction is subject to approval at Virtualware's Extraordinary General Meeting within a 30-day period and has already received clearance by the Cabinet Office under the United Kingdom's National Security and Investment Act 2021 in May 2026. Completion is expected in September 2026.
The acquisition combines a fixed payment of €5 million on completion plus a variable component linked to Virtalis's operating results in 2026 and 2027.
The operation will be funded through commercial debt and own cash in a 70/30 split, with no shareholder dilution.
On an estimated pro forma based on projected data for the 2026 calendar year, the combined group reaches €10 million in revenue and €2.5 million in EBITDA, around double Virtualware's current figures, with a workforce of 71 employees, up from 52.
In its FY2026 fiscal year, ended in June, Virtalis disclosed preliminary revenue of €4 million, reported EBITDA of €1.3 million and had 19 employees.
Following the acquisition, the United Kingdom will account for 37.7% of the combined group's aggregate revenue, becoming Virtualware's largest single market. Revenue generated outside Spain, in the United Kingdom and North America, rises from 54% to 78% of the total.
The transaction creates one of the largest European groups specialized in immersive visualization and digital twin technology for industry, nuclear, critical infrastructure and defence.
Engineering centres will be maintained in Bilbao, Manchester and Skövde, with offices in Orlando and Toronto. No site consolidation is planned.
"For Virtalis's clients and employees, this transaction means continuity. We are committed to retaining the team, maintaining and strengthening Virtalis's operations in the United Kingdom, and ensuring that its clients continue to receive the same level of service. Our goal is to build on what Virtalis has developed over more than two decades," said Unai Extremo, CEO and founder of Virtualware.
Virtalis, founded in 2003 and headquartered in Manchester, specializes in virtual reality and RT3D visualization software. Its technology is used by BAE Systems, Blue Origin, Lam Research, Seaspan, Subsea 7, Vestas, Thales, Lockheed Martin and Ford.
Andy Hill, CEO of Virtalis, commented: "The acquisition of Virtalis by Virtualware will bring together two organisations with a long and established history in enterprise Virtual Reality and immersive visualisation, creating a stronger platform for continued innovation, investment and growth."
"For Virtalis clients, the combination provides access to broader expertise, technology and resources while maintaining the deep understanding of complex enterprise VR applications that has underpinned Virtalis for many years," he added.
Its main product, Visionary Render, integrates in real time more than 25 data types, including CAD, PLM, BIM, point cloud and IoT, into visualization scenes at 1:1 scale. It is used for design reviews, training, plant layout planning and maintenance.
Visionary Render will join Virtualware's product family, alongside the VIROO XR platform and Simumatik. Applications built with Visionary Render will be able to be deployed and managed through VIROO, as the platform already does with content created in Unity, Unreal Engine and Simumatik.
Virtualware closed 2025 with the highest bookings in its history, exceeding €8 million.
The acquisition follows Virtualware's track record of inorganic growth. In October 2024 it acquired Swedish company Simumatik, a specialist in emulation and digital twin technology.
Founded in 2004, Virtualware is one of the leading companies in enterprise software based on immersive and VR technologies for industry, nuclear, critical infrastructure and defence.
Virtualware serves global organizations including GE Vernova, Volvo, Gestamp, Alstom, ADIF, Bosch, Biogen, Kessler Foundation, Invest Windsor Essex, McMaster University, the University of El Salvador, Ohio University, the Spanish Ministry of Defense and the Basque Government.
The company's headquarters are in Bilbao, Spain, with offices in Orlando, Toronto and Skövde.
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