Virtualware’s Board Overhaul: A Blueprint for Global XR Expansion

BILBAO, Spain – December 01, 2025 – For companies navigating the treacherous path from innovative prototype to sustainable profit, key leadership changes often serve as the most telling signposts of future strategy. This is precisely the case with Virtualware (EPA: ALVIR), a pioneer in 3D-driven enterprise software, which has announced its intention to appoint two new independent directors, Sara Antuñano Leicea and Carlos Polo Gil. While on the surface a standard corporate governance update, this move is a calculated play to fortify the company’s strategic execution as it scales its global ambitions.

The appointments, subject to shareholder approval later this month, come at a pivotal moment. Having recently uplisted to the Euronext Growth Paris market and secured both its largest-ever contract and a key B Corp certification, Virtualware is laying a foundation for accelerated growth. The addition of these seasoned leaders isn't just about oversight; it's about acquiring the specific expertise needed to navigate international expansion, channel development, and a targeted acquisition strategy in the rapidly maturing enterprise immersive technology sector.

Building a Board for Global Ambition

To understand the significance of this move, one must look at the distinct skill sets the new directors bring to the table. Sara Antuñano Leicea, a computer engineer with a deep background in finance and treasury at EROSKI—part of the MONDRAGÓN Corporation, one of Spain's largest business groups—represents a crucial injection of large-scale operational and financial discipline. For a technology company transitioning from a founder-led structure to a publicly traded entity with global operations, her experience in managing complex financial systems within a massive organization is invaluable. This expertise is critical for building the robust internal processes required to support sustainable, profitable growth across multiple continents.

Complementing this is the venture-focused expertise of Carlos Polo Gil. Also a computer engineer, Polo Gil is a proven technology investor and entrepreneur. His track record includes founding and investing in multiple software ventures, most notably NTS, which was successfully acquired by the consultancy Seidor in 2024. His presence on the board provides Virtualware with an insider’s perspective on capital markets, venture scaling, and, crucially, inorganic growth. With a stated goal to pursue targeted acquisitions in the next 24 months, Polo Gil’s firsthand experience in identifying, investing in, and exiting software companies will be instrumental in shaping Virtualware’s M&A playbook.

“The reinforcement of our Board with the arrival of Sara and Carlos is a step forward in our career as a listed company,” stated Unai Extremo, CEO of Virtualware, in the company’s announcement. “Their expertise will help us execute our growth roadmap, and we intend to continue growing, both inorganically and organically, in the next 24 months.”

The decision to add independent directors is also a hallmark of corporate maturation. For companies listed on markets like Euronext Growth, strong independent oversight enhances credibility, mitigates risk, and is a key factor for attracting institutional investors who demand rigorous governance structures. This move signals to the market that Virtualware is building an enterprise not just for innovation, but for longevity.

From VIROO to a Multi-Product Powerhouse

The timing of this board reinforcement is directly tied to a series of recent commercial victories that have fundamentally expanded Virtualware’s market position. Last September, the company secured a landmark six-year agreement worth over five million euros to deploy its flagship VIROO platform across 66 Vocational Training Centres of Excellence in Spain. This contract, the largest in its history, does more than just bolster the balance sheet; it validates VIROO as a foundational technology for immersive education at a national level, creating a significant competitive moat and a powerful case study for other governments and educational institutions worldwide.

This organic success is amplified by the company’s strategic inorganic growth. Virtualware recently celebrated the first anniversary of its acquisition of Simumatik, a Swedish industrial simulation firm. The integration has been pivotal, allowing Virtualware to reposition itself from a pure-play extended reality (XR) provider to a comprehensive Real-Time 3D (RT3D) software company. By combining VIROO’s multi-user VR capabilities with Simumatik’s digital twin and simulation software, the company now offers a powerful, integrated solution for industries like manufacturing and logistics to design, test, and optimize operations in a virtual environment before committing physical resources. This strategic pivot significantly broadens its total addressable market beyond XR training into the lucrative industrial digital twin space.

Charting a Course in the Booming Enterprise Market

Virtualware is positioning itself to capture a significant share of a rapidly expanding market. According to industry analysts, the enterprise augmented and virtual reality market is projected to surge from approximately $10 billion in 2023 to over $75 billion by 2032. This explosive growth is driven by the clear return on investment that immersive technologies offer for training, remote collaboration, and industrial simulation.

Within this landscape, Virtualware is executing a multi-pronged growth strategy that the new board members are uniquely qualified to support. The company’s 2024-2026 strategic plan emphasizes international expansion, with a particular focus on North America, a region that already accounted for 36% of its sales in 2024. Building out channel partnerships and direct sales in the US and Canada will be critical. Furthermore, the company’s commitment to a hybrid growth model—balancing organic sales of its VIROO and Simumatik platforms with strategic acquisitions—requires a leadership team that is fluent in both product-led growth and corporate development. The combined expertise of Antuñano Leicea and Polo Gil directly addresses these strategic imperatives.

The B Corp Signal: Balancing Profit with Purpose

Adding another layer to its maturation story, Virtualware recently achieved B Corp certification, affirming its commitment to high standards of social and environmental performance, transparency, and accountability. In an era where investors and customers increasingly prioritize sustainability and corporate responsibility, this certification is far more than a vanity metric. It serves as a powerful signal of long-term thinking and robust governance.

For a technology company in a high-growth phase, being a B Corp can be a distinct competitive advantage. It helps attract and retain top talent who are drawn to purpose-driven organizations, and it builds trust with enterprise clients who are themselves under pressure to ensure their supply chains are responsible. This commitment to balancing profit with purpose, combined with the strategic fortification of its board and its recent public listing, paints a clear picture of Virtualware's trajectory. The company is methodically assembling all the necessary components—leadership, technology, market validation, and a strong ethical framework—to transition from a promising European innovator into a global leader in the enterprise immersive technology space.