Vection Technologies (ASX:VR1) Collaborates With HP To Deliver VR Integrated Solutions

3 min read | February 02, 2021 01:21 PM AEDT | By Kunal Sawhney

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Vection Technologies (ASX:VR1) Collaborates With HP To Deliver VR Integrated Solutions

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Summary

Vection Technologies has signed an OEM deal with US-based HP Inc.

The deal would play a significant role in providing VR Integrated solutions in over 170 nations through HP’s global network.

Revenue generated through the agreement would depend on the effective delivery of sales and marketing steps taken by the two partners.

Vection Technologies Ltd (ASX:VR1) has announced the signing of an Original Equipment Manufacturer (OEM) agreement with California-headquartered global tech firm HP Inc (HP).

Vection Technologies Ltd is a multi-national real-time software company. It uses its 3D, Augmented Reality (AR), Virtual Reality (VR), CAD, and Industrial IoT solutions, to support businesses innovate, co-operate, and create value.

The OEM partnership would have a critical role in delivering VR Integrated solutions (VR1’s VR Software & HP’s VR Software) in more than 170 nations via HP’s global network. Further, the deal arises from the Company’s Mindesk in the HP Independent Software Vendor Partner Program in August 2019.

Vection Technologies and HP collaborate for VR integrated solutions (Image Source: Megapixl)

The Company cannot determine the financial impact of the deal at present. Direct revenue would depend on effective delivery of marketing & sales steps taken by the partners. The agreement is expected to be significant for Vection Technologies.

Working with HP would provide Vection with an integrated hardware & software service to enterprise clients.

What does Management say about the deal?

Driving Factors In The Upcoming Period

The Company’s focus would remain on constant growth in the near-term. In its operational update, the Company stated a few key highlights in this direction:

Capability to Execute: The Company has endlessly delivered on its growth plan in the direction of creating a 360° product suite for Industry 4.0.
Market Trends: With the increase in the adoption of joint real-time technologies like 3D, VR and AR would help the Company drive growth opportunities globally.
Technological Partners: VR1 has a partnership with businesses like Dassault Systémes SolidWorks Corporation, McNeel, Siemens, Epic Games, HP, Logitech and Varjo. It would give VR1 significant visibility and commercial opportunities.
Financial Partners: Shareholders like the Italian Government, HTC Vive X, Primoglio SGR & A11 Venture are an institutional blue-chip stakeholder base of global interest.
Technology Advantage: The Company’s proprietary 3D, VR, AR, Industrial IoT and CAD real-time solutions assist businesses to innovate, co-operate as well as create value.
Value Growth: VR1 stays committed to the success of constant incremental growth throughout its software product suite to guarantee intensified value creation for all shareholders.
Partnerships and M&A: VR1 would continue to engage in alliance plus well-executed M&A prospects to aid its long-term vision to develop a 360° real-time software product suite for Industry 4.0 in the direction of market dominance.

Share Information: VR1 shares were trading at A$0.122, down 2% (at AEDT 12:53 PM). The Company has a market capitalisation of A$120.73 million.

INTERESTING READ: 2020 The Breakout Year for VR Industry: How Are ASX Players VR1, IDZ Shaping Up?

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