Generational Equity Advises Virtual Driver Interactive in its Sale to Cemtrex
DALLAS–(BUSINESS WIRE)–Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, Virtual Driver Interactive, Inc. to Cemtrex, Inc. The acquisition closed October 26, 2020 and details were not disclosed.
Virtual Driver Interactive (VDI), is located in El Dorado Hills, California. For over 10 years, VDI has been known for its effective and engaging driver training systems, designed for users of all ages and skill levels. The Company offers comprehensive training for new teen and novice drivers, along with advanced training for corporate fleets and truck drivers.
VDI’s wide range of training courses and system options provide customers with highly portable, affordable and effective solutions, all while focusing on the dangers of distracted driving. VDI has over 2,000 installations across all 50 states.
Their core markets include school districts, large fleets, organizations in state public safety, non-profits and insurance companies across the US. Current customers include the U.S. Postal Service, ConEd, Minnesota Dept. of Transportation, AAA, Mayo Clinic, Kaiser Permanente, Nationwide and Allstate.
VDI’s product portfolio also includes Driving Essentials XE, an at home teen driver program using the Xbox and Playstation platforms that provides teens with a tool to gain real-world experience in the safety of their own homes.
Founded in 2004, and headquartered in Brooklyn, New York, Cemtrex (NASDAQ:CETX) Inc. is a leading multi-industry technology company that is driving innovation in markets such as Internet of Things (IoT), Augmented and Virtual Reality (AR & VR), and Artificial Intelligence and Computer Vision (AI & CV). The Company operates in a wide range of sectors, including consumer products, industrial manufacturing, digital applications, and intelligent security & surveillance systems. The Company is comprised of five entities each with a separate focus: Cemtrex Advanced Technologies, Cemtrex VR, Cemtrex Labs, Vicon, and Advanced Industrial Solutions.
“VDI is a market leader with best-in-class driver training products, with over $2 million in annual revenue,” said Saagar Govil, Chairman and CEO of Cemtrex. “VDI has built a successful business with innovative technologies, an effective product portfolio and extensive customer base. Those customers include the U.S. Postal Service, numerous universities and school districts along with some of the nation’s largest fleets in transportation, utilities, networking, insurance and public safety sector.
“We will expand and accelerate those achievements by transitioning their technology to next generation solutions including VR, enhancing the training solutions and broadening the product portfolio into other simulation and recreational areas. By integrating our technology and resources, and building on the momentum VDI has established, we can reach our long-term goal of creating immersive training solutions in multiple vertical markets. We are looking forward to working with VDI’s highly skilled team to add to our dynamic AR/VR division,” concluded Govil.
Generational Equity Executive Managing Director of M&A – Western Region, Stephen Crisham, and his team lead by Managing Director Mergers & Acquisitions, James Hermann, with the support of Vice President of Mergers and Acquisitions, Chad Comroe, successfully closed the deal.
“Our goal is always to make sure that both buyer and seller are happy with their transaction, and they were. So, it was a success,” said Hermann.
About Generational Equity
Generational Equity, Generational Capital Markets (member FINRA/SIPC), Generational Wealth Advisors, Generational Consulting Group, and DealForce are part of the Generational Group, which is headquartered in Dallas and is one of the leading M&A advisory firms in North America.
With over 250 professionals located throughout North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.