Nextech AR has announced plans to acquire spatial computing firm ARWAY in an all-stock deal worth $1 million.
ARWAY’s augmented reality software kit (SDK) combines artificial intelligence (AI) and hyper-accurate mapping technologies to offer persistent AR experiences on iOS, Android, and Hololens. The no-code platform helps users create a metaverse — a collective virtual shared space — in minutes.
ARWAY's acquisition will give Nextech a platform for building mini-metaverses on a spatial level.
Nextech AR Solutions CEO Evan Gappelberg said, “We think that the mini-metaverse business use case is here to stay, and the implications for future growth are significant. Nextech's mini-metaverse offering will be available to brands and companies that want to create mini-metaverses based on a geolocation like museums, corporate headquarters, theme parks, sports stadiums, University Campuses and more.”
Gappelberg added, “We can scan these spaces with ARway’s technology and drop in AR experiences that are triggered based on geolocation, making for a fully immersive Metaverse experience. The mini-metaverse is the first step toward universal mapping, a concept that while not a reality today, is a future inevitability. Nextech's mini-metaverse offering will enable people to experience the multiverse as it increasingly becomes a normal part of everyday life.”
Nextech AR claims its scalable solutions for AR e-commerce, HoloX Human Holograms, and AR Portals coupled with ARway's cloud AR and 3D mapping technologies place it at the forefront in the race to the metaverse. ARWAY founders Baran Korkmaz and Nikhil Sawlani will also be hired as part of the acquisition.
Per reports, Nextech shares are subject to voluntary resale restrictions. Additionally, the stock transaction is subject to the approval of ARway stockholders, including acceptance by CSE and NEO, among other customary closing conditions.
The Nextech-ARWAY merger is expected to close in August 2021. The number of Nextech shares that will be issued to ARway stockholders will be calculated using the aggregate value of Nextech common shares that are listed on the stock exchange twenty days before the closing date of the transaction.
