New deal boosts Immotion shares

AIM-listed virtual reality specialist Immotion (LON:IMMO) has seen its share price climb by 4.14% to 11.04p (as of 14:10 BST) after it announced a new deal with Survios, a VR studio backed by MGM. Survios’ Raw Data is the first consumer VR game to reach $1 million in monthly sales and Immotion will be able to exclusively offer it to clients in the “out of home” market outside of Asia.

CEO Martin Higginson said: “I am thrilled to be partnering with such a great company as Survios. We have been working on our VR Arena for some months, and to have exclusivity on such an iconic game as ‘Raw Data’ is a major coup for Immotion, further underpinning our position as global leaders in the ‘out of home’ VR market.

“We continue to focus on growing our partnership model with high footfall edutainment and leisure partners. We provide our partners with new exciting attractions that complement their offerings and generate valuable ancillary revenue for them, whilst building recurring revenues for Immotion. We believe this is a highly scalable model with global potential.

“We look forward to announcing partnerships with major destinations for the launch of our VR Arena in the coming weeks“.