Virtualware rewards its employees with more than 52,000 shares in its first month on the Paris stock exchange
Paris and Bilbao, May 17 – Virtual reality company Virtualware (EPA:MLVIR) has distributed in its first month of trading a total of 52,601 shares among most of its employees, with a total value of more than 315,600 euros.
In total, the company has distributed shares among 42 of its employees, those with more than one year of experience in the company.
The distribution was decided prior to the IPO and announced in the Information Document sent to Euronext in the weeks leading up to the bell, which took place on 20 April.
Virtualware, founded in 2004, is a leader in the virtual reality industry in Europe.
The company has experienced significant growth in recent years, with a 14% increase in sales in 2022 compared to the previous year, reaching €3.219 million. This growth has been largely driven by the adoption of its VIROO platform, which enables the easy development and deployment of virtual reality applications.
Employee stock ownership is part of Virtualware’s strategy to recognize and reward its staff for their contribution to the company’s success. By sharing ownership of the company with its employees, Virtualware hopes to improve engagement and job satisfaction and to attract and retain talent in a highly competitive market.
This move also reflects management’s confidence in the future of the company and the continued growth of the industrial virtual reality market.
“This stock award to our employees is a recognition of their dedication and commitment. Each member of our team has played an essential role in our success and growth, and we wanted to give them the opportunity to share in the fruits of their labour. Our people are our most valuable asset and we are excited to continue to grow together in this exciting virtual reality industry”
said Unai Extremo, CEO of the listed company.
With a broad customer base that includes multinationals and organizations such as GE Hitachi Nuclear Energy, Ontario Power Generation, Petronas, Iberdrola, Alstom, Guardian Glass, Gestamp, Danone, Johnson & Johnson, Biogen, Bayer, ADIF, the Spanish Ministry of Defence, El Retoño Technical University and EAN University, Virtualware is well positioned to continue expanding in the global market.
The company closed Monday with a price of €8.5 euros per share and a market capitalization of over €38.6 million.
Virtualware’s flagship product VIROO, the world’s pioneering VR as a Service (VRaaS) platform, makes Virtual Reality accessible to companies and institutions of all sizes and sectors. It is an all-in-one digital solution that enables the development and deployment of multi-user Virtual Reality applications remotely.
VIROO is already used by more than 40 companies and institutions worldwide including GE Hitachi Nuclear Energy, Ontario Power Generation, Gestamp, ADIF, the Spanish Ministry of Defense, El Retoño Technological University, McMaster University, and EAN University. The enterprise VR platform has been the backbone to develop strategic projects for defense ministries, critical infrastructure training projects, and innovative educational programs.
VIROO aims to become the standard for developing industrial end educational Virtual Reality applications worldwide.
Founded in 2004, Virtualware is one of the pioneering corporations in the European Virtual Reality industry applied to the industrial, educational and healthcare sectors. Its team of more than 50 people has developed more than 500 projects in more than 33 countries. It has its headquarters in Bilbao, Spain, and its North American headquarters in Hamilton (Canada).
