Vection Accelerates European Expansion Via Strategic Acquisition

PERTH, Australia, June 15, 2021 /PRNewswire/ -- Real-time software company Vection Technologies Ltd (ASX:VR1) has signed a binding agreement to acquire European technology company and DELL Platinum and OEM partner, JMC Group.

JMC is a technology company designing, developing, and delivering high-level integrated business technology solutions for Industry 4.0, underpinned by a strong knowledge in Virtual Reality and Augmented Reality (XR), Internet of Things (IoT), Artificial Intelligence (AI) and Information and Communication Technology (ICT).

This acquisition will accelerate Vection's expansion within the Europe, Middle East and Africa (EMEA) region while further integrating its XR portfolio with IoT, AI and ICT towards a 360° product suite for Industry 4.0. JMC's strong growth history is expected to provide a more robust foundation for the combined group as it grows within the EMEA region.

Gianmarco Biagi, Managing Director of Vection Technologies, commented that this transaction represents a significant step in the Company's vertical growth strategy to assist companies in their digital transformation plans via next generation integrated XR solutions.

"Vection's executive team is adhering to the stated growth strategy to establish itself as a global technology company with a strong XR foundation, deeply integrated with innovative enabling technologies (including AI) and strong vertical competences. Via this acquisition we gain a significant technological and geographical advantage and the addition of key management within the European region, unlocking significant global growth opportunities for the Company. We remain focussed on completing our 2021 M&A acquisition strategy via the expansion in the U.S. while progressing on our previously stated commercial objectives."

In commenting on the acquisition, JMC's Founder & CEO, Jacopo Merli, said "we share Vection's global vision of bringing together next-gen technologies with XR to enable companies to make the leap to the fourth industrial revolution. We are truly excited to pursue this opportunity and to grow the combined business across the EMEA region and abroad in the coming months."

About Vection Technologies:Vection Technologies Ltd (ASX:VR1) is a multinational software company that focuses on real-time technologies for industrial companies' digital transformation.Through a combination of our 3D, Virtual Reality, Augmented Reality, Industrial IoT and CAD solutions, Vection Technologies helps companies and organisations to innovate, collaborate and create value.For more information please visit the Company's websites:vection.com.au^[1]   mindeskvr.com^[2] blankcanvas.studio^[3]

References

1. ^{^} vection.com.au (www.vection.com.au)
2. ^{^} mindeskvr.com (mindeskvr.com)
3. ^{^} blankcanvas.studio (blankcanvas.studio)