MLVIR Virtualware 2007 SA

BILBAO, Spain and Orlando, FLORIDA March 4, 2024.– John A. Cunningham has been appointed President of Virtualware USA operations, as Virtualware (EPA: MLVIR), the European leader in enterprise Virtual Reality solutions, starts operations in the country.

As announced recently, expanding into the United States is an important element in the company's 2024-2026 strategy.  Around 40% of the company's total 2023 signed contracts value came from the U.S

In the spirit of this strategy, Virtualware aims to expand its presence in the U.S. market to support existing customers and cultivate a robust ecosystem of partners to create innovative training solutions for enterprise customers.

Cunningham will start his tenure immediately and begin working with partners and clients alike to reinforce Virtualware's stance in crucial sectors, including energy or defense, transport, logistics, and health.

He will be based in Orlando.

Prior to joining Virtualware, Cunningham founded and led Unity's Government and Aerospace business.  He has a long stint in leadership roles, including at Aruba Networks, Motorola, H.P., and Verizon. His career includes executive leadership roles at Carnegie Global Learning and Carnegie Mellon University.

He served in the U.S. Space Force Association (SFA) as the Director of Special Programs and COO of the VR/AR Association (VRARA).

Virtualware, a Euronext Paris-listed company, has been developing cutting-edge VR solutions for over two decades. It counts with blue chips such as GE Vernova and institutions such as the Spanish Ministry of Defense among its clients.

"John's proven track record in the tech industry and his experience with global SaaS expansion make him the ideal leader for our U.S. operations. We've collaborated for many years, and I'm confident in his ability to drive our expansion strategy forward" said Unai Extremo, CEO of Virtualware.

"I am honored that Virtualware has invited me to lead their U.S. operations. They are proven leaders in the enterprise virtual reality industry, and the VIROO platform is powering some of the leading corporations in energy, transportation, manufacturing, and the military," Cunningham said.

"I believe we are at the "tipping point" for broad adoption of Virtual Reality in the enterprise, and in my opinion, the VIROO platform is the best platform on the market to enable rapid scaling of enterprise VR.  Our entry into the US will help accelerate adoption of immersive solutions and create new opportunities for companies who are looking to be solutions providers in this rapidly expanding technology segment" he added.

Headquartered in Bilbao, Spain, Virtualware is a global pioneer in developing virtual reality solutions for major industrial, educational, and healthcare conglomerates. It was listed in Euronext Paris in April 2023. In 2023, the company posted record revenues of 4.52 million euros.

In 2021, Virtualware was acknowledged as the world's most Innovative VR Company.

A recent equity research report by Litchfield Hills' Theodore R. O'Neill posted a Buy Rating and a target price of 10 euros per share.

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