Acquisition and partnership enable accelerated go-to-market for cloud-based virtual reality training platform
TEMPE, Ariz., Nov. 30, 2022 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (Nasdaq:WRAP) (“Wrap” or the “Company”), a leading global provider of innovative public safety technologies and services, today announced that it has entered into an agreement with Lumeto, Inc. (“Lumeto”) to acquire professional services and technologies Has.
As part of the agreement, Lumeto will make certain technologies, services and perpetual licenses available to Wrap for use within the company’s virtual simulation training platform, Wrap Reality. Through the Lumeto platform, Wrap will also be able to offer potential customers an enhanced, cloud-based virtual reality (“VR”) solution. The partnership also includes provisions for additional services, resources and expanded capabilities for Wrap in support of its growing law enforcement and corrections VR training modules.
Wrap expects to significantly accelerate the development of its cloud-based VR training platform to complement its existing, robust Wrap Reality solution. This new cloud-based offering offers greater flexibility and faster development of additional training scenarios, as well as an improved, cost-effective equipment package for potential law enforcement customers. The company will continue to offer and develop its existing on-premises training platform, Wrap Reality, used by law enforcement and correctional agencies today.
“We look forward to working with Lumeto to bring our best-in-class VR training capabilities to an enhanced, flexible, cloud-based platform,” said TJ Kennedy, CEO of Wrap Technologies. “This new platform offers our existing and new customers a new turnkey cloud VR training solution with the high-end critical scenarios that Wrap Reality has become known for. By partnering with Lumeto and leveraging their existing technology, Wrap is able to significantly accelerate our development and save significant time and costs compared to building a full cloud solution in-house. We believe this enhanced platform, coupled with our existing Wrap Reality solution, will provide law enforcement agencies with more flexible, immersive training solutions, both on-premises and in the cloud, further improving the way law enforcement training is delivered in the future .”
“We are excited that Wrap is using our technology to accelerate their Wrap Reality VR training platform,” said Raja Khanna, CEO of Lumeto. “Lumeto has developed a leading VR platform for healthcare and some law enforcement agencies and we believe Wrap is the right partner to further develop and deploy the training platform for law enforcement agencies. Lumeto will help integrate Wrap’s training scenarios and capabilities into the new and improved Wrap Reality cloud platform as we continue to focus on our healthcare business.”
About Wrap Reality
Wrap Technologies, through its subsidiary Wrap Reality, is an industry leader in virtual reality training for law enforcement. Wrap Reality provides realistic, easy-to-use, and affordable law enforcement training software.
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.
Wraps Bola Wrap® The Remote Restraint Device is a patented, wearable pre-escalation and arrest tool that discharges a Kevlar® Tethers to remotely temporarily detain uncooperative suspects and those in crisis situations. Through its many field applications and increasing acceptance by government agencies around the world, BolaWrap is proving to be an effective tool to help law enforcement securely restrain individuals without the need to use injury or force majeure.
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 the discipline and practice in methods of de-escalation, conflict resolution and use of force to better perform Field.
Wrap’s headquarters are located in Tempe, Arizona. Visit wrap.com for more information.
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BolaWrap, Wrap and Wrap Reality are trademarks of Wrap Technologies, Inc. All other trade names used herein are either trademarks or registered trademarks of their respective holders.
Matt Glover and Tom Colton
Gateway Group, Inc.
Contact for media work:
Robert Collins and Zachary Kadletz
Gateway Group, Inc.