Vection Technologies Secures AU$3.6M XR Software License Agreement with Cometa for Italian Schools

October 10, 2024 07:19 PM AEDT | By Team Kalkine Media

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Vection Technologies Secures AU$3.6M XR Software License Agreement with Cometa for Italian Schools — Image source: Shutterstock

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Highlights

Vection secures a binding AU$3.6 million distribution agreement for XR software licenses.

Cometa serves over 2,500 high schools in Italy and will distribute Vection's software to 500 schools by FY25.

The partnership is supported by Italy's PNRR initiative and aims to generate approximately AU$3.6 million in revenue during FY25.

Vection Technologies Ltd (ASX:VR1, OTC: VCTNY), a leader in integrated XR solutions, has announced a significant milestone with the execution of a binding distribution agreement valued at AU$3.6 million for XR software licenses with Cometa SpA, a prominent player in the education sector. This collaboration aims to deliver advanced educational technology to high schools across Italy, enhancing learning experiences through immersive solutions.

Overview of the Partnership

Cometa, a national leader in innovative educational solutions with an annual turnover of $280 million, will distribute Vection’s 3DFrame and Enworks software packages to 500 high schools by the end of FY25. This initiative aligns with Italy's PNRR "Next Generation EU Classrooms and Labs" program, which aims to modernize educational environments across the country.

3DFrame is designed as an XR platform that enables the creation of interactive 3D models, allowing students to engage deeply with immersive educational content. Complementing this is Enworks, which empowers educators to design intricate manuals in real-time within immersive XR environments. Together, these tools promise to enhance the educational experience significantly.

Strategic Impact on Education

The partnership is expected to generate approximately AU$3.6 million in revenue during FY25, bolstered by funding from Italy's PNRR initiative. Gianmarco Biagi, Managing Director of Vection, expressed enthusiasm for the collaboration, highlighting the opportunity to introduce cutting-edge XR solutions to Italian high schools. He stated, "This collaboration, backed by Italy's PNRR education funds, marks a significant achievement for Vection as we broaden our footprint in the educational technology industry."

By leveraging Cometa’s extensive network, which includes over 2,500 high schools, Vection aims to revolutionize the educational landscape for 500 high schools by June 2025. This initiative reflects a commitment to advancing educational technology and fostering innovative learning environments.

Long-Term Distribution Agreement

Effective from October 1, 2024, the distribution agreement will grant Cometa exclusive rights to promote and distribute Vection Technologies' intellectual property to over 6,000 active dealers for a period of three years. This expansive reach underscores the significance of the partnership and its potential to impact educational practices across Italy.

Materiality of the Announcement

The announcement is deemed material by Vection’s Board, as it exceeds the company’s Announcement Materiality Threshold, which is set at contracts cumulatively equating to more than AU$500,000 in revenue. This threshold reflects the importance of the agreement in terms of financial impact and strategic growth for Vection.

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