Shares in Engage XR Holdings PLC jumped over a third on Tuesday morning, after the company announced further progress on customer contracting for its virtual reality services.

Engage XR is a virtual reality software and technology company headquartered in Waterford in the Republic of Ireland.

Shares in the company were up 36% to 3.48 pence each in London on Tuesday morning.

This came after the company announced the two major contract wins, including its largest contract signed to date.

Engage XR said that it had signed a seven-figure contract with an unnamed ‘large Middle East-based company in the education, training, and development sector’. Alongside the consulting group PwC Middle East, Engage XR will be developing a bespoke metaworld, which will assist with language learning programmes and professional ongoing development at the company.

Sally Jeffery, PwC’s global education & skills practice leader, commented: ‘This collaboration underscores our commitment to driving innovation and excellence in the education sector, marking a pivotal moment in our journey to redefine the future of learning.’

Engage added that it has extended the partnership with a ‘leading American bank’. Having previously provided onboarding training through the Engage platform, the company has now signed an additional six-figure contract for employee training.

Engage XR’s Chief Executive Officer David Whelan said: ‘The signing of our biggest ever contract underlines the progress we are making in the education, training and development verticals, It also extends our presence in the Middle East. Customers in these verticals are clearly willing to invest heavily in Engage, and we expect education, training and development to be the primary driver of revenue this year.’

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