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 – 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.
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.
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