ServTech Global Holdings Ltd (ASX: SVT) is a software development company listed on the ASX and based in Australia. The company delivers software development services for domestic and international businesses to disrupt traditional business models. The company has a global presence and possesses various skills including Virtual Reality (VR) capabilities, designing and testing, advanced Augmented Reality (AR) etc.
On 29th May 2019, the company announced that its wholly owned subsidiary Vection Italy S.r.l. (Vection) has completed the National Phase Patent Application stage for its SaaS virtual reality software platform, FrameS. The acquisition of Vection was announced by the company on 22nd January 2019 which was completed on 12th April 2019.
FrameS is a virtual reality software visualisation tool that allows global users present at their respective places to interact in real-time in a multi-user virtual environment on a common project.
The company confirmed that FrameS had received TÜV certification, providing FrameS with the subscriber’s access to 140% “super amortisation” fiscal benefit from the Italian government. This will increase the overall value proposition of the FrameS offering.
FrameS Patent Application
Vection had filed an application for FrameS at the Italian Office for Patents and Trademark, which granted priority right of the “Paris Convention on the Protection of Industrial Property” to Vection across the 173 member countries, for a total period of twelve months.
Formal examination of the application is pending with specific local requirements and therefore, the scope of the grant and the time required for the grant is not decided at this point of time (As at 29th May 2019).
FrameS TÜV certification & Tax Incentives access
TÜV is one of the world's leading testing and product certifiers, that provides technical compliance certification for FrameS. The grant of this certification depicts FrameS’ compliance with the “Industry 4.0” plan requirements. The TÜV certification has unlocked significant tax incentive opportunities for FrameS’ clients.
Plan for Industry 4.0 is a central theme of the Italian government, which is aimed to promote the optimisation of production processes and industrial automation via the grant of tax incentives to companies that adopt certified R&D software tools.
Key Personnel’s statement
According to Bert Mondello, Chairman of ServTech, the recognition of the company’s IP by a brand like TÜV provides further access into the complex Italian industrial fabric.
Gianmarco Biagi, Managing Director of the company, believes that TÜV certification is a massive achievement for Vection’s FrameS, and it will also enable the company to establish a global presence of distributors & resellers. He is also confident about the fiscal benefits, and it will be an added value for several of the company’s current and potential clients in Italy.
The company’s stock last traded at AUD 0.018 on 30th May 2019 with a rise of 12.5 per cent relative to its previous closing price of AUD 0.016 on 29th May 2019. SVT had a market capitalisation of AUD 11.25 million. The stock has delivered a YTD return of 63.64 per cent, generating a return of 20 per cent in the last five days.
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