NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR)
(FSE: N29), a leading provider of virtual and augmented reality
(AR) experience technologies and services for virtual and hybrid
eCommerce, education, conferences and events today announced that
it has acquired event management platform, Map Dynamics. The
company's self-serve virtual events platform supports live video,
chat, networking, and analytics, reporting for associations,
conferences, trade shows, webinars, summits, forums, workshops, and
hybrid events. It helps organizers create, host, and manage live
events for 100,000+ attendees both online and in its branded native
event app.
Based in Athens, Georgia, Map Dynamics offers a
consolidated set of self-service event management tools through its
Event Home Base technology, coupled with dedicated support teams to
create flexible, virtual, in-person or hybrid events. The company
has worked with a broad array of events including the Sea Otter
Classic international cycling races, regarded as the world's
largest cycling festival and Repticon reptile and exotic animal
expos held throughout the United States. Map Dynamics is also an
official partner for multiple state societies of association
executives including the Georgia Society of Association Executives
(GSAE), the Empire State Society of Association Executives (ESSAE),
and the New England Society of Association Executives (NESAE), as
well as a partner of the National Apartment Association (NAA).
In the past 19 months, Map Dynamics platform has
hosted over 1,700 events with over 60% being live events that took
place in 2019, prior to the Company’s switch to virtual hybrid
events starting in March 2020. NexTech intends to sell its AR
solutions to these customers and offer a self-service, no touch
option on top of its InfernoAR white glove service. With this
acquisition, NexTech gains tiered pricing options and self-service
technology for both live and virtual events which, when combined
with its existing immersive AR solutions, creates a formidable
powerhouse in the rapidly growing events market.
The addition of Map Dynamics and its Event Home
Base technology will help increase an event managers’ flexibility
and control as the intuitive and easy-to-use platform allows
attendees to participate and gain access to event content from
their phone, tablet or desktop anytime and anywhere. NexTech will
also gain new, flexible event management and coordination tools
that allow for easy transition to or from in-person, virtual and
hybrid events, and have proven their ability to increase ROI of up
to 140% for event customers. As part of the acquisition NexTech
will be hiring all the Map Dynamics talents.
In addition to the newly added portfolio options,
Map Dynamics’ reputation as a leading event management technology
within the association industry will also position NexTech for
growth and expansion into this industry of industries. Over 90,000
associations exist within the U.S. and over 18,000 associations are
listed in Canada, creating tremendous potential for new
partnerships. According to the American Society of Association
Executives (ASAE) “Associations are a major contributor to the
meetings industry, which generates $263 billion in spending and
funds by both local and national economies”.
Jeremy Minnick, CEO of Map Dynamics comments,
“We’re excited to join the team at NexTech and look forward to
bringing our platform and our experience serving the association
space to this fast-growing and ever-expanding company. After
meeting with the NexTech team, it was clear that our goals and
values align in many ways; we want to simplify the process for
customers with innovative solutions, we aim to provide top-notch
service when and where needed, and we help our customers create
engaging experiences that meet their unique and changing needs
within the new normal. I'm confident that together, we’re going to
continue this growth trajectory and will further establish
ourselves in the association space."
Evan Gappelberg, CEO of NexTech AR comments, “We’re
excited to bring Jeremy and his Map Dynamics team into our rapidly
growing NexTech family, which is now approaching 200 talents.
Jeremy is a talented programmer who will fit in perfectly with our
team as he continues to work on his platform and add even more
amazing functionality. We love hiring top talent and welcome his
entire team, including his four salespeople and the experienced
support staff. We look at this as an opportunity to grow Map
Dynamics by 100X, just like we are doing with the recent
acquisition of the Jolokia platform, which we closed on in April of
2020 and is now at a run rate of over 10X 2019 revenue,
post-acquisition.” Gappelberg continues, “With Map Dynamics’ huge
customer base, we have a major opportunity to not only cross sell
our AR solutions, which brings enormous and immediate upside, but
to also super charge the platform with our significant marketing
muscle”.
The total purchase price was $780,000 in cash up
front with a 12-month potential earn out of another $525,000. For
the past 18 months Map Dynamics generated approximately $1,500,000
in revenue and was about breakeven.
About NexTech ARNexTech is one of
the leaders in the rapidly growing Augmented Reality
market estimated to grow from USD $10.7B in 2019 and
projected to reach USD $72.7B by 2024 according to Markets &
Markets Research; it is expected to grow at a CAGR of 46.6% from
2019 to 2024.
The company is pursuing four
verticals:
InfernoAR: An advanced Augmented
Reality and Video Learning Experience Platform for Events, is a
SaaS video platform that integrates Interactive Video, Artificial
Intelligence and Augmented Reality in one secure platform to allow
enterprises the ability to create the world’s most engaging virtual
event management and learning experiences. Automated closed
captions and translations to over 64 languages. According to
Grandview Research the global virtual events market in 2020 is $90B
and expected to reach more than $400B by 2027, growing at a 23%
CAGR. With NexTech’s Virtual Conference Platform having augmented
reality, AI, end-to-end encryption and built in language
translation for 64 languages, the company is well positioned to
rapidly take market share as the growth accelerates globally.
ARitize™ For eCommerce: The
company launched its SaaS platform for webAR in eCommerce early in
2019. NexTech has a ‘full funnel’ end-to-end eCommerce solution
for the AR industry including its Aritize360 app for 3D product
capture, 3D/AR ads, its Aritize white label app it’s ‘Try it On’
technology for online apparel, 3D and 360-degree product views, and
‘one click buy’.
ARitize™ 3D/AR Advertising
Platform: Launched in Q1 2020 the ad platform will be the
industry's first end-to-end solution whereby the company will
leverage its 3D asset creation into 3D/AR ads. In 2019, according
to IDC, global advertising spend will be about $725 billion.
ARitize™ Hollywood Studios: The
studio is in development producing immersive content using 360
video, and augmented reality as the primary display platform.
To learn more, please follow us on Twitter,
YouTube, Instagram, LinkedIn, and Facebook, or visit our website:
https://www.nextechar.com.
For further information, please contact:Evan
GappelbergChief Executive Officerinfo@nextechar.com
The CSE has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute
“forward-looking information” under Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as, “will
be”, “looking forward” or variations of such words and phrases or
statements that certain actions, events or results “will” occur.
Forward-looking statements regarding the Company increasing
investors awareness are based on the Company’s estimates and are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, levels of activity, performance
or achievements of NexTech to be materially different from those
expressed or implied by such forward-looking statements or
forward-looking information, including capital expenditures and
other costs. There can be no assurance that such statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements and forward-looking information. NexTech
will not update any forward-looking statements or forward-looking
information that are incorporated by reference herein, except as
required by applicable securities laws.
Nextech3D ai (CSE:NTAR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nextech3D ai (CSE:NTAR)
Historical Stock Chart
From Apr 2023 to Apr 2024