Virtualware completes the acquisition of British company Virtalis
Manchester, 28 September 2026.- Virtualware (EPA: ALVIR), a European pioneer in 3D-driven industrial software listed on Euronext Growth Paris, has completed the acquisition of 100% of Virtalis Holding, the Manchester-based virtual reality and RT3D visualization software company.
The acquisition more than doubles the company’s scale, with pro forma revenue increasing from €4.32 million to €10 million based on projected 2026 results. The combined group creates one of the largest European providers of immersive visualization and digital twin technology for industry, nuclear, critical infrastructure and defence.
“This acquisition marks a significant milestone for Virtualware, not only because of its scale, but also because it strengthens our product portfolio and expands our industrial customer base,” 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.
The acquisition further strengthens Virtualware’s international footprint, rising its revenue generated outside Spain from 54% to 78%. The United Kingdom becomes the largest market, accounting for 37.7% of the proforma combined group’s aggregate revenue.
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.
Shareholders approved the transaction at the Extraordinary General Meeting held in Basauri on 21 September 2026. The acquisition combines a fixed payment of 5 million euros on completion plus a variable component linked to Virtalis’s operating results in 2026 and 2027, funded through commercial debt.
LKS Corporate Finance served as Lead Financial Advisor to Virtualware on its acquisition of Virtalis, providing comprehensive financial advisory services, including valuation, transaction structuring, negotiations and deal execution and Geldars LLP as the legal advisor.
“We are proud to have supported Virtualware in the execution of a highly strategic acquisition that strengthens its international footprint and reinforces its leadership in industrial software.” Mariano Colmenar, Head of LKS Corporate Finance.
The acquisition was structured through a financial syndicate backed by Banco Bilbao Vizcaya Argentaria (BBVA), the Instituto Vasco de Finanzas (IVF, Basque Government’s public financial entity), Cofides and Elkargi.
Virtualware Founders (Unai Extremo & Sergio Barrera)
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.
Investor Relations: ir@virtualwareco.com
