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NexTech AR says expects to close Jolokia remote video software acquisition this month

The augmented reality company has been working to bring 3D photorealistic holograms of people and products into virtual meetings

Binder labeled 'Acquisition' being handed from one hand to another in front of an open laptop
Jolokia’s platform generated US$1 million in software-as-a-service revenue in 2019

NexTech AR Solutions Corp (CSE:NTAR) (OTCQB:NEXCF) told investors Thursday that it expects to close its share purchase agreement with virtual events webcasting software company Jolokia in April. 

The augmented reality company has been working to integrate its technology into Joklokia’s platform and announced the creation of InfernoAR to bring 3D photorealistic holograms of people and products into virtual meetings.

“Imagine watching a training video, going to a virtual conference or webinar and being able to take what you are seeing on screen and put it in the room with you as a 3D/AR experience,” NexTech CEO Evan Gappelberg said in a statement.

“Having AR seamlessly work in video training, virtual conferences or webinars provides us with competitive differentiation and a very timely addition to our AR omni-channel offerings.”

READ: NexTech AR Solutions sees record monthly revenue, profits amid new work from home economy

“With the spread of the coronavirus, all governments, learning institutions and corporations are forcing a huge paradigm shift in society to remote work ... creating massive new demand which should lead to explosive adoption for this platform,” Gappelberg added.

Jolokia’s platform generated US$1 million in software-as-a-service revenue in 2019.

“With the integration of NexTech’s augmented reality holograms, our Inferno platform is well-positioned as the world's most advanced video learning experience platform,” Jolokia CEO Pete Mastin said. “We believe the combination of our Inferno Platform with NexTech’s formidable tech stack will create a new generation of learning & development products that will gamify the learning experience in a way that has not been seen before.”

NexTech is one of the leaders in the rapidly-growing augmented reality industry, estimated to hit $120 billion by 2022, according to Statista. The company offers AR for e-commerce companies, AR in Chat, an ARitize App, AR University for education and “v-commerce,” an in-store virtual reality experience.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

Quick facts: Nextech AR Solutions Corp.

Price: 8.29 CAD

CSE:NTAR
Market: CSE
Market Cap: $572.49 m
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