Virtualware completes acquisition of Virtalis and doubles its size to €10 million in revenue
The Basque immersive software publisher, listed on Euronext Growth Paris, has completed the acquisition of 100% of Virtalis Holding's capital. The transaction brings the share of revenue generated outside Spain to 78% and makes the United Kingdom its primary market.
An acquisition that brings combined revenue to 10 million euros
Virtualware announced on September 28, 2026 the completion of the acquisition of 100% of Virtalis Holding, a Manchester-based company specializing in virtual reality and RT3D visualization software.
According to the group, the transaction more than doubles its size: pro forma revenue increases from €4.32 million to €10 million based on projected results for 2026.
The combined entity positions itself as one of Europe's leading providers of immersive visualization technologies and digital twin solutions for industry, nuclear, critical infrastructure and defense.
Founded in 2003 and based in Manchester, Virtalis develops 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.
For Unai Extremo, Chief Executive Officer and founder of Virtualware, the transaction strengthens the group's product portfolio and expands its industrial customer base.
A fixed payment of 5 million euros complemented by a variable component
The acquisition combines a fixed payment of €5 million upon completion and a variable component linked to Virtalis's operational results in 2026 and 2027.
Financing is secured through commercial debt, structured through a financial syndicate comprising Banco Bilbao Vizcaya Argentaria (BBVA), the Instituto Vasco de Finanzas (public financial entity of the Basque government), Cofides and Elkargi.
Shareholders approved the transaction at an extraordinary general meeting held in Basauri on September 21, 2026.
LKS Corporate Finance acted as Virtualware's principal financial advisor, responsible for valuation, structuring and execution of the transaction, with Geldars LLP serving as legal counsel.
The United Kingdom becomes the group's primary market
The transaction increases Virtualware's international presence: the share of revenue generated outside Spain rises from 54% to 78%.
The United Kingdom becomes the group's primary market, accounting for 37.7% of pro forma combined revenue.
This acquisition is part of a series of external growth operations. In October 2024, Virtualware had acquired Swedish company Simumatik, specialized in emulation and digital twin technology.
Founded in 2004 and based in Bilbao, Virtualware has subsidiaries in the United Kingdom, Canada, the United States and Sweden.
