VANCOUVER: NexTech AR Solutions has acquired the AirShow app, valuable AI code plus a team of four AR experienced developers from TRICK 3D, the deal is closing October 1st, a news release said.
This acquisition was structured as an asset purchase agreement with a $300,000 USD price tag, 50% being in cash and 50% in restricted stock of Nextech or 37,500 common shares.
According to the world economic forum the music industry generates $50 billion per year, by acquiring this application as well as hiring four experienced AR developers NexTech is addressing another huge industry with it’s AR tech.
The company plans to not only use this app for the music industry but also for it’s virtual events platform InfernoAR as well as for its AR eCommerce business. This is the company’s seventh acquisition and third AR application which continues to tie together its augmented reality (AR) offerings with the goal of creating the world’s first complete AR ecosystem.
Evan Gappelberg, CEO of NexTech comments, “This acquisition adds even more AR revenue and earnings potential to our fast growing AR business and brings a tremendous amount of experienced talent to our team which is great since experienced AR talent is hard to find. With live music concerts shut down for the foreseeable future I see this app as a way for Nextech to help artists fill the revenue void they are currently experiencing. We already have recognizable musicians and music businesses partners that are eager to join the application. New ticketing capabilities should be available for in-app purchases allowing for revenue generation in the next few weeks. We also see a global growing demand for human holograms beyond just music. This app will help us to gain market share and meet this demand. I believe that human holograms can quickly be a multimillion dollar business for us”.
He continues “It’s a very exciting time for us as we continue to look for accretive strategic acquisitions and keep hiring more talent to keep up with the ever growing demand of NexTech’s product offerings. We are uniquely diversified and positioned in the fastest growing business segments of the global economy including AR, eCommerce, video conferencing, virtual events, and 3D/AR advertising.”