What Happened
Austin-Based Developer Expands Defense Operations with Acquisition
Virtuix Holdings Inc. has signed a non-binding letter of intent to acquire STS International, a defense technology and services company, for $12 million in cash and equity. The proposed acquisition would establish Virtuix Defense, a new division focused on military training, artificial intelligence-driven simulation, and defense technology services. STS International has reported significant revenue growth, with $40 million in unaudited revenue for the 10 months ended October 31, 2026. The deal is expected to close during Virtuix’s fiscal year ending March 31, 2027, and is subject to due diligence, financing, and required approvals, as reported by citybiz.