NexTech AR Solutions Corp (OTCQB:NEXCF) (CSE:NTAR), a leader in augmented reality for eCommerce and AR learning applications, revealed that it has completed its acquisition of virtual events, remote video training, live streaming software company Jolokia.
In a statement, Evan Gappelberg, NexTech’s CEO commented, “We are thrilled to close on this acquisition and welcome the Jolokia team of 10 to NexTech. Jolokia has built an impressive SaaS platform for education and product training which when combined with AR creates a truly unique and industry-leading virtual events product offering.”
Gappelberg added: “Imagine watching a training video, or 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 volumetric experience. The integration of AR in video training, virtual conferences or webinars provide us with a competitive differentiation and a very timely addition to our AR omni-channel offerings.
“With the spread of the Coronavirus all governments, Learning Institutions and Corporations are forcing a huge paradigm shift in society to remote work, training and learning, creating what we believe will be strong demand for this type of product offering.”
The transaction was an all-stock purchase with an initial payment to Jolokia shareholders of 1 million common shares of NexTech AR in restricted stock at a deemed price of US$1.00 (C$1.38) per share. The terms included a 12-month earn-out, if the platform generates up to US$4 million in additional revenue an additional US$4 million in restricted stock can be issued.
Pete Mastin, CEO of Jolokia commented: “With the integration of NexTech’s augmented reality holograms, our Inferno platform is well positioned as the most advanced Event Management and Digital Video Learning Platform in market today. Combining live broadcasting with Interactive Video, Artificial Intelligence and Holograms, corporations are now able to rapidly deliver immersive, engaging learning experiences anywhere.”
“We are very excited to merge with NexTech AR as 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,” he added.
With corporate meetings and events going virtual through online collaboration and web conferencing tools, NexTech has developed a method to seamlessly integrate 3D photo realistic holograms of people and products to these virtual events through its ARitize App.
At the start of April, NexTech reported its best month yet of revenue and gross profit in March, a surge driven in part by the economic shift toward working from home caused by the coronavirus pandemic.
The augmented reality (AR) company saw $1 million in booked revenue last month, its highest ever and more than triple its revenue from March 2019.