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VR Education inks deal to bring ENGAGE platform to South Korea

Under a deal with digital content firm D'Carrick, the ENGAGE platform will be rolled out to a set number of students, with VRE to rake in at least €70,000 per annum in fees over three years

South Korea education
South Korea's education system has been voted the world's best for the last four years in a row

VR Education Holdings Plc (LON:VRE) is to bring its virtual reality (VR) learning platform ENGAGE to South Korea after a deal with digital content firm D'Carrick Co Ltd.

D’Carrick, alongside its partner firm FIX GAMES, develops programmes for the South Korean education sector, which has been voted as the world’s best schooling system for the last four years in a row.

READ: VR Education boss hails dawn of “affordable high-quality VR” with upcoming launch of Oculus Quest

Under the commercial agreement, D’Carrick will roll out VRE’s ENGAGE platform to a set number of South Korean students and pay the firm €70,000 in fees per annum over three years.

Additional fees will be paid should the number of students exceed the initial total, with VRE also receiving 30% of revenues from any reselling of the ENGAGE platform.

"In today's digital era, modern students are moving rapidly towards online learning and we have been delighted by the interest in our ENGAGE platform”, said David Whelan, VRE’s chief executive.

He added that the deal was “a welcome first step” into the Asian market.

ENGAGE is a VR platform that allows education and corporate users to create virtual ‘rooms’ that can be used for lessons, presentations and meetings without participants needing to be in the same location.

The platform also allows the use of virtual objects and environments to help visualise content.

In mid-morning trading on Tuesday, VRE's shares were 2.8% lower at 8.8p.

--Adds share price--

Quick facts: VR Education Holdings PLC

Price: 15.75 GBX

AIM:VRE
Market: AIM
Market Cap: £38.08 m
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