Renowned serious games developer Virtual Heroes was purchased on April 16, 2009 by New Mexico-based Applied Research Associates, Inc. (ARA), a company mainly involved in the research, design and development of advanced technology systems and products.
Terms of the transaction were not made public. However, Virtual Heroes’ employees and software development operations will remain based in Research Triangle Park, N.C. The company will be fully integrated as the ‘Virtual Heroes’ Division of ARA. Additionally, Virtual Heroes' 41 employees are getting cash payments for having owned part of the company through private stock. Read More...
“Bringing Virtual Heroes’ technical and creative capabilities into ARA represents a solid strategic fit for our business and opens the door to many new opportunities for the combined organization,” said Neil Higgins, CEO of ARA, in a news release.
"ARA will invest in and further mature the Virtual Heroes Advanced Learning Technology (A.L.T.) Platform and Virtual Heroes HumanSim technology for medical training and education. This investment will enable us to provide a broader array of solutions and services to our expanding customer base in the rapidly growing training and simulation market.”
"We are thrilled to join the world-class team at ARA and look forward to leveraging a wide array of capabilities, developing new products, and achieving our goal of being the global leader in Advanced Learning Technologies,” said Jerry Heneghan, Founder & CEO of Virtual Heroes Inc., now Managing Director of the Virtual Heroes Division of ARA.
“Both ARA and Virtual Heroes are expert integrators of complex engineering software solutions and we share a common culture of responsiveness and excellence – we think this is definitely a win-win for both companies.”
The two companies have previously worked together over the years. ARA officials approached Heneghan about the possibility of an acquisition, which was well received. "Given the state of the economy, the more we looked at it, the better it looked," said Heneghan.