The acquisition of Map
Dynamics brings self-service event solutions to NexTech’s rapidly
growing portfolio of event offerings and strategically positions
the company for the shift to hybrid events post COVID
Vancouver B.C., CANADA and Athens, GA
-- November 23, 2020 -- InvestorsHub NewsWire -- 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 it’s
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 it’s AR solutions
to these customers and offer a self-service, no touch option on top
of it’s 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 it’s
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 which 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 ASAE “associations are a major
contributor to the meetings industry, which generates $263 billion in
spending and funds 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 sales people 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 which 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 upfront
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 AR
NexTech 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 Gappelberg
Chief Executive Officer
info@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.
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