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PERTH, Australia, June 7, 2023 /PRNewswire/ -- Vection Technologies Ltd (ASX:VR1, OTC:VCTNY), the INTEGRATEDXR® company, is pleased to announce the acquisition of Invrsion, a prominent 3D and mixed reality technology company specializing in fashion, retail, consumer goods, and real estate sectors. This strategic acquisition enhances Vection Technologies' position as a leader in the integrated -extended reality (XR) technology space, providing customers with innovative XR solutions and unlocking new organic growth opportunities.
Gianmarco Biagi, managing director of Vection Technologies, stated, "By acquiring Invrsion, we are not only adding cutting-edge technology to our portfolio but also gaining a talented team that will contribute to our organic growth. This acquisition aligns with our vision of staying at the forefront of innovation and solidifying our position as a leader in the industry."
The acquisition of Invrsion enables Vection Technologies to integrate Invrsion's technology within the INTEGRATEDXR® suite, delivering remarkable advantages to customers and providing them with cutting-edge capabilities. This unlocks new customer opportunities, enhances their experience, and drives organic growth for the combined group.
Matteo Esposito, CEO of Invrsion, expressed, "This strategic acquisition unlocks a wealth of synergies, enabling us to further develop our proprietary technologies within the INTEGRATEDXR® suite, delivering greater value to our customers. By merging our deep expertise in the retail industry with the cutting-edge capabilities of the INTEGRATEDXR® suite, we are poised to drive substantial growth, offering transformative solutions that empower businesses to innovate."
Together, Vection Technologies and Invrsion are committed to unleashing their collective experience and passion, dedicated to assisting businesses in seizing the monumental customer opportunities presented by XR technology. The acquisition aligns with Vection Technologies' vision of expanding its technology portfolio and leveraging Invrsion's expertise to create significant value for shareholders while enhancing customer experiences.
Invrsion brings with it an impressive client portfolio that includes globally recognized brands such as Walgreens, Ferrero, Nestlé, Coca Cola, and Diageo. The company has also collaborated with renowned brands like Ralph Lauren and PepsiCo, further highlighting their expertise and industry standing. Additionally, Invrsion has established strategic partnerships with industry giants such as Microsoft, Ipsos, and Sketchfab, demonstrating their strong commercial alliances and their commitment to research and development. These partnerships contribute to Invrsion's commercial strength and provide valuable resources for continuous innovation and technological advancements. By leveraging these partnerships, Invrsion enhances its capabilities to deliver cutting-edge solutions, expand its market reach, and drive meaningful growth within the INTEGRATEDXR® suite.
The performance-based consideration for the acquisition, based on revenue milestones from 2023 to 2026, reflects the long-term commitment of the vendors to Vection Technologies' organic growth strategy.
This acquisition solidifies Vection Technologies' position as a leader in the industry, driving innovation and delivering exceptional value to customers.
For more information on Invrsion, please visit: www.invrsion.com
For the ASX release please visit: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02673860-6A1153195?access_token=83ff96335c2d45a094df02a206a39ff4
ABOUT VECTION TECHNOLOGIES:
Vection Technologies is a growing enterprise-focused company that helps businesses bridge the physical and digital worlds. We help organizations leverage their 3D data via powerful extended reality (XR) interfaces that foster collaboration and learning, grow sales and more.
Vection Technologies is listed on the Australian Securities Exchange (ASX) with ticker code VR1, and trades on the U.S. over-the-counter (OTC) markets under the symbol VCTNY.
For more information, please visit: www.vection-technologies.com
FORWARD LOOKING STATEMENTS:
Certain statements made in this release are forward-looking statements. These forward-looking statements are not historical facts but rather are based on Vection Technologies' current expectations, estimates and projections about the industry in which Vection Technologies operates, and beliefs and assumptions. Forward looking statements can generally be identified by the use of forward-looking words such as 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'will', 'could', 'may', 'target', 'plan' and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance or outlook on future earnings, distributions or financial position or performance are also forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the control of Vection Technologies, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of Vection Technologies only as of the date of this release. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. The forward-looking statements made in this release relate only to events as of the date on which the statements are made. Vection Technologies has no obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this release except as required by law or by any appropriate regulatory authority.
