Shackleton Advisors has acquired the CyberGlove business of Immersion Corp. (Nasdaq: IMMR). No financial terms were disclosed. CyberGlobe makes products used to capture hand and finger motion and manipulate objects in virtual reality.
PRESS RELEASE
Immersion Corporation (NASDAQ:IMMR), the leading developer and licensor of touch feedback technology, announces the sale of its CyberGlove® business to the private equity firm Shackleton Advisors. The sale is part of Immersion’s strategic initiative to divest its 3D product line and focus on its Medical and Touch lines of business. Financial terms of the deal are not being disclosed.
The CyberGlove family of products is used to capture hand and finger motion and manipulate objects in virtual reality. The product family includes VirtualHand® Software and four data glove models: CyberGlove, CyberTouch®, CyberGrasp®, and CyberForce®. The base CyberGlove system is a wireless data glove that, in conjunction with its software, accurately captures the movement of a user’s fingers and hand, and maps it to a graphical hand on the computer screen, allowing users to “reach in and manipulate” digital objects as if they were physical.
CyberGlove Systems’ products benefit customers by allowing them to more quickly prototype and animate in virtual reality, thereby saving time and money. Customers include Fortune 500 and Global 500 companies, government agencies, and universities in the U.S., Europe, Asia, Middle East, and South America.
Faisal Yazadi, the head of sales for the division for the past 10 years, will stay with the business as its new chief executive officer. He comments, “I am very excited about this transaction. We continue to acquire new customers, and customer demand is anticipated to increase as we invest in our products and share our software development kit for the development of new applications in markets such as aerospace, automotive, biometrics, engineering, gaming, military, and motion capture. We plan to offer solutions that solve customer problems by leveraging our third-party partner relationships.”
The CyberGlove remains one of the most sophisticated data gloves in the marketplace, offering both vibrotactile and kinesthetic feedback. In 2008, several VirtualHand software upgrades were released, including synchronization software for motion capture studios and a plug-in for AutoDesk’s MotionBuilder software. Other recently introduced products include the CyberTouch system that adds vibrotactile feedback, the CyberGrasp system that adds kinesthetic force feedback to the fingers, and the CyberForce system that adds whole-arm force feedback, allowing users to experience a complete range of sensations during virtual object manipulation.
The new company, CyberGlove Systems LLC, located in San Jose, CA, has agreed to honor its product warranty obligations and is expected to continue to serve existing customers with enhanced customer support.
Mark Schelbert, managing partner of Shackleton Advisors, added, “The data glove application for industrial engineering, motion capture, and gaming continues to be an underserved market. Product improvements and strategic partnerships will further create much greater customer demand and a more sizable market.”
About CyberGlove Systems LLC (www.cyberglovesystems.com)
Launched in 1990, the family of CyberGlove products is the established and most sophisticated data glove solution in the marketplace. The product family includes four data glove solutions and the VirtualHand Software Development Kit (SDK). The products let users capture detailed finger, hand, and arm movement, allowing them to “reach in and manipulate” digital objects in virtual reality. With CyberGlove products, users can more quickly prototype and animate in virtual reality thereby saving both time and money. Customers include Fortune 500 and Global 500 corporations, government agencies, and universities in the U.S., Europe, Asia, Middle East, and South America.
About Immersion (www.immersion.com)
Founded in 1993, Immersion Corporation is the recognized leader in developing, licensing, and marketing digital touch technology and products. Using Immersion’s advanced touch feedback technology (http://www.immersion.com/products/), electronic user interfaces are more compelling, entertaining, and in many applications, safer and more productive. Immersion’s technology has helped manufacturers develop innovative and creative solutions for products such as hundreds of video games and leading video console gaming systems, medical training simulators installed around the world, driver controls for automotive manufacturers, and mobile phones, such as those from LG and Samsung. Immersion’s patent portfolio includes over 700 issued or pending patents in the U.S. and other countries.
About Shackleton Advisors (www.shackletonadvisors.com)
Founded in 2008 and based in Beverly Hills, CA, Shackleton Advisors is a private equity and advisory firm focused on acquiring small non-core divestitures. Shackleton is a principal investor as well as an advisory service in sales and marketing, operational efficiencies, turnarounds, mergers & acquisitions, and other areas.
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