NexTech AR Provides Update on Acquisition of WFH Virtual Events Webcasting Software Company Jolokia – AiThority
NexTech AR Provides Update on Acquisition of WFH Virtual Events Webcasting Software Company Jolokia
AIT News Desk 23 Apr 2020 Augmented Reality, News Leave a comment 1 Views
NexTech AR Solutions, the leader in augmented reality for eCommerce and AR learning applications, is pleased to update its shareholders on its binding LOI announced March 16th 2020 to acquire remote video training, live streaming software company Jolokia; whose customers include, Johnson & Johnson, Viacom, Toyota, CBS, Polycom and others. The Jolokia platform generated $1mill USD in SaaS revenue for 2019.
NexTech has been working with Jolokia on new business use cases and created the “InfernoAR” new product page on the NexTech website seen here: DEMO
- The company is currently finalizing the Share Purchase Agreement (SPA) and is now expecting a closing to occur in April.
- The company is also finalizing its Q1 2020 and expects to release Q1 numbers and have its first live dial-in conference call to discuss the numbers in the next few weeks.
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. Whether you need to host a full-featured conference, a keynote for a major product announcement, a virtual booth to welcome your partners, investors, and advocates, or remote training sessions, NexTech is able to help you reach the heart of your audience, with our unique AR touch.
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Pete Mastin, CEO of Jolokia comments, “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 (LXP). Combining live broadcasting with Interactive Video, Artificial Intelligence and Holograms, corporations are now able to rapidly deliver immersive, engaging learning experiences anywhere”. He continues, “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.”
Evan Gappelberg, CEO of NexTech commented, “On January 28th we announced that we started working with the team at Jolokia to integrate our AR into their Video Learning Experience Platform. The NexTech team quickly cracked the code on the integration of our AR into their platform, creating an enormous opportunity for both companies”. Gappelberg continues, “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. 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. With the spread of the Coronavirus all governments, Learning Institutions and Corporations are forcing a huge paradigm shift in society to remote work, and training and learning remotely creating massive new demand which should lead to explosive adoption for this platform. We expect to see a big upside in this deal for NexTech shareholders”.
With the Global Coronavirus pandemic disrupting all large gatherings, demand for remote training is surging which will undoubtedly drive awareness and adoption of the company’s video conferencing, live streaming and remote training platform with integrated AR features. Many global companies including Google, Microsoft, Twitter, Hitachi, Apple, Amazon, Chevron, Salesforce and Spotify have all rolled out mandatory work-from-home policies amid the spread of COVID-19. The fast-spreading COVID-19 has increased demand for Jolokia’s software as schools close, conferences and business and leisure travel are all cancelled and more employees work from home. The work-from-home trend had already started with ZOOM’s (ZM) popularity before the Coronavirus. Now that the Coronavirus has emerged, demand has surged which should drive demand for the merged company’s remote-work AR tools which include: AR-virtual conferences, AR-live streaming, AR-webcasting, and AR-remote training.
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Recent Company News in 2020:
- NexTech Reports Record Breaking Revenue and Gross Profit for March. Both revenue and gross profit surged in March and is continuing to surge in April. Notably, the company achieved $1,000,000 in booked revenue last month and the highest revenue ever achieved in a single month, which represents a 270% increase in revenue year over year.
- The ARitize360 “early Access” app launched in March. The app, once launched, will be a boost to the revenue-generating power of the existing AR eCommerce solution and recently launched 3D/AR advertising platform.
- The company achieved $800,000 in revenue for the month of January 2020 and gross profits of $528,000 representing a 66% gross profit versus a 59% gross profit last month. This is the highest revenue achieved in a single month for NexTech, which represents a 110% increase in revenue and 172% increase in gross profits year over year.
- For the month of February of $685,000 and gross profit margin of 66% or $450,000 representing a 184% increase in revenue and 271% increase in gross profits year over year.
- The company received an additional 2020 order from Walther Arms, most famous as the manufacturer of James Bond’s Walther PPK.
- The company has launched a major enhancement by expanding the platform to serve Apple’s .USDZ files alongside the default format GLTF.
- The company announced a new partnership with Poplar that will allow Poplar to leverage NexTech AR’s cutting-edge WebAR technology, and NexTech AR to make use of Poplar’s brand new AR campaign creation platform.
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