SAN JOSE, Calif.--(BUSINESS WIRE)--CyberGlove Systems LLC, the world’s leading provider of 3D motion-capture data gloves and haptic feedback solutions for virtual reality applications, announced today that its Board of Directors has reached an agreement to sell the business to longtime CEO Faisal Yazadi. Terms for the deal were not disclosed and it is expected to close within the next 10 days.
All day to day operations will remain unchanged and Faisal Yazadi will continue in his current position as CEO. “This is the best outcome for all involved parties as it provides continuity for our customers, suppliers, and employees,” stated Mr. Yazadi. “We are excited at this opportunity to grow our company and continue to be a significant technology partner to many organizations in our community and across the globe.”
Mark Schelbert, founder of Shackleton Equity Partners and Chairman of CyberGlove Systems, noted, “With the robust portfolio of motion capture and haptic feedback solutions, a strong management team, and over two decades of experience, this will undoubtedly put CyberGlove Systems in the best position to continue its success.”
CyberGlove Systems is a privately held company located in San Jose, California. CyberGlove was an early pioneer in data glove and haptic feedback technology, providing advanced solutions that enable users to capture hand and finger motion and manipulate objects in virtual reality. Today, the CyberGlove product family includes four data glove hardware products and the VirtualHand Software Development Kit (SDK). For more information, visit: www.cyberglovesystems.com.