January 31, 2019 @ 12:02 by Richard Dawson
Commercial law firm Watson Burton has advised on a major acquisition which is set to strengthen the North East’s position as a major player in the global technology sector.
Watson Burton supported virtual reality and software specialist Neutron VR through its acquisition by 3T Energy Group, a global technology and energy training group.
Neutron VR has grown organically since its inception in 2014 through the implementation of ambitious growth plans, backed by the experience of its founders Dinesh Kumar and Richard Coates.
Both Dinesh and Richard previously worked for games developer, Eutechnyx before setting up Neutron VR. Their backgrounds in art and design and software engineering, leveraged with having existing contacts in the industry, quickly led the company to sign deals with McDonald’s and Equinox Gyms, as well as it becoming Samsung’s VR partner.
Watson Burton was appointed by the pair to act on behalf of Neutron VR when it became apparent that, in order to continue its growth, the company would require further investment.
Watson Burton, which has recently acted on a number of high profile deals in the technology sector, applied the vast experience of its corporate team to ensure the acquisition process reached a successful outcome.
The deal that was negotiated with 3T Energy Group means that Neutron VR will retain the face of the brand and both Dinesh and Richard have been appointed for the group as Chief Technical Officer and Director of Technology Operations respectively.
Their appointments will strengthen the capabilities of the group, which includes industrial training specialist Advanced Industrial Solutions (AIS) and simulator developer, Drilling Systems.
The skills and experience of Neutron VR will be utilised to enhance the products and services of 3T Energy Group, which includes advanced full-size and mobile simulators, v-learning programmes and integrated software to manage training programmes.
Dinesh Kumar, co-founder of Neutron VR and CTO at 3T Energy Group commented:
“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.”
Marc Allison, partner at Watson Burton, said:
“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.
“It was fantastic to be able to once again demonstrate our significant expertise by negotiating a successful outcome.”
Kirsty Adamson, Solicitor at Watson Burton, added:
“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, which also has offices in Leeds and London, delivers commercial legal services nationwide. Its core practice areas are corporate, employment, real estate, construction and dispute resolution.
For more information, please visit www.watsonburton.com.