Acquisition and Partnership Accelerate Time-to-Market of Cloud-Based Virtual Reality Training Platform
TEMPE, Ariz., Nov. 30, 2022 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (Nasdaq: WRAP) (“Wrap” or the “Company”), a global leader in innovative public safety technologies and services, today announced that it has entered into a professional services and technology acquisition agreement with Lumeto, Inc. (“Lumeto” ).
As part of the agreement, Lumeto will provide Wrap with certain technologies, services and perpetual licenses for use in the company’s Wrap Reality virtual simulation training platform. Using the Lumeto platform, Wrap will also be able to offer an enhanced, cloud-based virtual reality (“VR”) solution to potential customers. The partnership also includes provisions for additional services, resources and enhanced capabilities for Wrap in support of its growing VR training modules for law enforcement and corrections.
Wrap plans to dramatically accelerate the development of its cloud-based VR training platform to complement its existing and robust Wrap Reality solution. This new cloud-based offering will provide greater flexibility and faster development of additional training scenarios as well as an improved, cost-effective equipment set for potential law enforcement customers. The company will continue to offer and expand its existing onsite Wrap Reality training platform, which is used today by law enforcement and corrections departments.
“We look forward to partnering with Lumeto to bring our world-class VR training capabilities to an enhanced, flexible, cloud-based platform,” said TJ Kennedy, CEO of Wrap Technologies. “This new platform will provide our existing and new customers with a new turnkey Cloud VR training solution with the high-end type critical scenarios that Wrap Reality has become known for. By partnering with Lumeto and leveraging their existing technology, Wrap can dramatically accelerate our development, saving a lot of time and money compared to building a complete cloud solution in-house. We believe this enhanced platform, combined with our existing Wrap Reality solution, will provide law enforcement with more flexible immersive training solutions, both on-premises and in the cloud, further improving the way law enforcement training law enforcement is dispensed in the future.
“We are thrilled that Wrap is leveraging our technology to accelerate its Wrap Reality VR training platform,” said Raja Khanna, CEO of Lumeto. “Lumeto has developed a leading virtual reality platform for healthcare and some law enforcement, and we believe Wrap is the right partner to further develop and deploy the law enforcement training platform. order. Lumeto will help integrate Wrap training scenarios and capabilities into the new and improved Wrap Reality cloud platform, while continuing to focus on our healthcare business. »
About Wrap Reality
Wrap Technologies, through its subsidiary Wrap Reality, is an industry leader in virtual reality law enforcement training. Wrap Reality provides realistic, easy-to-use, and cost-effective training software for law enforcement.
About Wrap
Wrap Technologies (Nasdaq: WRAP) is a global leader in innovative public safety technologies and services. Wrap develops creative solutions to complex problems and empowers public safety officials to protect and serve their communities through its portfolio of advanced technologies and training solutions.
BolaWrap by Wrap® The Remote Restraint is a patented handheld pre-climbing and apprehension tool that unloads a Kevlar® tethered to temporarily hold uncooperative suspects and people in crisis at bay. With its many uses in the field and growing adoption by agencies around the world, BolaWrap is proving to be an effective tool in helping law enforcement detain people safely without injury or reliance on levels. of higher strength.
Wrap Reality, the company’s virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform that provides first responders with discipline and practice in de-escalation, disaster conflicts and use of force to perform better in the field.
Wrap’s headquarters are in Tempe, Arizona. For more information, visit wrap.com.
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Brand information
BolaWrap, Wrap and Wrap Reality are trademarks of Wrap Technologies, Inc. All other trade names used herein are trademarks or registered trademarks of their respective holders.
Investor contacts:
Matt Glover and Tom Colton
Gateway Group, Inc.
949-574-3860
WRAP@gatewayir.com
Contact person for media relations:
Robert Collins and Zachary Kadletz
Gateway Group, Inc.
949-574-3860
WRAP@gatewayir.com
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