SYDNEY, AUSTRALIA: Vection Technologies Ltd (ASX:VR1. OTC:VCTNY), a company that provides integrated extended reality (XR) solutions for various industries, has announced the execution of a binding agreement to acquire MYR S.r.L (MYR), a 3D technology company that is revolutionising the fashion and apparel industry.

MYR is a company that develops and offers innovative 3D and mixed reality solutions for the fashion sector, such as Look Customizer, a software that allows fashion brands to create and customise denim prototypes in a virtual environment with ease and precision. MYR also provides consulting services to help customers streamline their design, prototyping, and industrialisation processes for products.

The acquisition of MYR will strengthen Vection Technologies’ solutions suite for the fashion, retail, and consumer goods sectors, which includes INTEGRATEDXR, a platform that enables customers to create immersive and personalised experiences using XR technologies. By combining MYR’s technology with INTEGRATEDXR, Vection Technologies aims to provide stronger and more comprehensive solutions tailored specifically to the needs of its customers in the fashion sector.

The acquisition follows Vection Technologies’ recent agreement to acquire Invrsion, another 3D technology company that specialises in the fashion, retail, consumer goods, and real estate sectors. Vection Technologies says that these acquisitions will enhance its position as a leader in the XR technology space and unlock new organic growth opportunities for the company.

The consideration payable for the acquisition of MYR is based on the performance of MYR, and vests after 30 June 2025. Vection Technologies expects the acquisition to generate significant value for its customers and shareholders alike.

Gianmarco Biagi, managing director of Vection Technologies Ltd, commented: “This acquisition reinforces our commitment to delivering unparalleled solutions to our customers in the fashion, retail, and consumer goods sectors. With MYR’s expertise and innovative 3D and mixed reality solutions, we can now provide a stronger suite of solutions that empower our customers to transform their businesses and stay ahead in this rapidly evolving market.”

“We are excited about this acquisition’s potential and the value it will create for our customers and shareholders alike.”

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