North Shields VR firm snapped up by energy training provider 3T Energy Group
A virtual reality software company based in North Shields has been acquired by global tech and energy training business 3T Energy Group.
Neutron VR was founded in 2014 by Dinesh Kumar and Richard Coates, who previously worked for North East games developer Eutechnyx.
Since then, the firm has grown on the back of deals with fast-food chain McDonald’s and fitness group Equinox Gyms, in addition to becoming a VR partner of tech giant Samsung.
But to ensure Neutron’s continued growth, its founders understood that further investment was required.
They appointed North East law firm Watson Burton to represent them during the acquisition process, negotiating a deal with 3T Energy Group that would see Neutron VR retain the face of its brand.
Following the deal, Dinesh has been appointed chief technical officer and Richard as director of technology operations for the group, which includes simulator developer Drilling Systems and training company Advanced Industrial Solutions.
Dinesh Kumar said: “This was the first time that Richard or I were going through the process of selling a company, so we were delighted with the level of experience and professionalism the team at Watson Burton provided us with throughout the process.
“The team grasped the reason why we had decided to sell the company so were able to represent the company effectively.”
Watson Burton partner Marc Allison commented: “We are delighted to have acted on behalf of Neutron VR’s shareholders on the sale of the company to 3T Energy Group.
“It’s pleasing to see that Dinesh and Richard have been appointed at group level and will be able to drive forward their growth plans for Neutron VR.”
He added: “It was fantastic to be able to once again demonstrate our significant expertise by negotiating a successful outcome.”
Kirsty Adamson, a solicitor at Watson Burton, said of the deal: “Our corporate team drew on our experience of both working on major disposals and our knowledge of the technology sector to support Richard and Dinesh through the sale process in what is an exciting new chapter in Neutron VR’s journey. We’re proud to have played a part in it.”
Watson Burton has offices in Newcastle, Leeds and London.