A virtual reality (VR)-focused technology company Engage XR has signed a commercial resale agreement with computer and smartphone maker Lenovo, it announced on Monday.
The AIM-traded firm said the agreement will cover the resale and distribution of end-user licenses by Lenovo for its proprietary software platform Engage, and for metaverse production services aimed at Lenovo’s enterprise customers.
Engage XR said it will work with Lenovo on the sales and marketing of its metaverse for business, Engage Link.
Lenovo would be one of 14 launch partners, and built its own virtual world inside Engage Link.
As part of the deal, Engage XR said Lenovo will sell Engage licenses and services through its own distribution and sales channels to customers, targeting businesses looking to enter the metaverse.
The deal followed the announcement of Lenovo’s plans to launch a new all-in-one VR headset designed for enterprise customers, the “Lenovo ThinkReality VRX.”
Engage XR said the headphones will be available in “select markets” worldwide, starting early next year.
The board said Engage Link, launched earlier in November, was developed as a metaverse platform designed for corporations, professionals, educational organizations and event organizers.
It allows businesses to use the metaverse to create their own virtual worlds to provide services directly to customers, and to engage with employees and suppliers.
“Many of Lenovo’s customers, including major Fortune 500 companies, are looking to enter the metaverse,” said David Whelan, CEO of Engage XR.
“This agreement will help establish Engage as the business platform of choice for these organizations.
“We know how well Engage works on all Lenovo devices, including PCs, phones, tablets and the soon-to-be-released ThinkReality VRX headset, which was designed for enterprise use.”
Whelan described the deal as a “huge endorsement” of the Engage platform.
“Having worked closely with us on the launch of Engage Link, it is fantastic that Lenovo wants to introduce us as a metaverse solution for their largest customers.
“Lenovo has an incredibly successful sales and marketing operation, shifting tens of millions of product units every year around the world.
“We believe that the combination of our platform, Lenovo’s customer list and its global sales function will deliver tangible results for the group in 2023.”
At 1147 GMT, shares in Engage XR Holdings were up 10.64% at 13p.
Reporting by Josh White for Sharecast.com.