NexTech AR extends reach into exciting metaverse space via US$1M deal to acquire spatial computing company ARway

NexTech AR Solutions Corp announced it is acquiring UK spatial computing company ARway Ltd in an all-stock transaction worth around US$1 million.  The deal gives Vancouver-based NexTech an entry point into an exciting field known as the metaverse, a collective virtual shared space that brings together physical, augmented, and virtual realities.  NextTech CEO Evan Gappelberg said the company believes that the mini-metaverse business-use case is “here to stay,” with significant implications for future growth.  READ: Nextech AR Solutions begins integration of its mixed reality (MR) solution HoloX, a human hologram application into HoloLens2 “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 said in a statement. “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 towards 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 told shareholders that ARway’s spatial mapping platform is “critical” to building the metaverse in that it provides users an augmented reality software kit (SDK) to frame the digital world in just minutes. The SDK combines mapping technologies for location-persistent AR experiences across ARkit, ARcore and Microsoft Azure Spatial Anchors that are delivered on cross-platform Unity, with other ones like Unreal, Android Studio or Xcode/Swift to come shortly. The technology helps to unlock true spatial computing within a single toolkit for iOS, Android and Hololens. ARway’s customers include names like HCG Hospital, British Telecom, Bosch, AirAsia, The City of London and the GuildHall School of Music and Drama. Founders Baran Korkmaz and Nikhil Sawlani will join NexTech in undisclosed roles, according to the company. 'Most ambitious accomplishment' “Creating the metaverse is the most ambitious thing we can accomplish as an augmented reality company, and now with the ARway platform plus Baran and Nikhil joining the Nextech team, we are positioned to do just that,” Gappelberg added. “The potential for Nextech to be first to market with mini-metaverses, spatial maps as NFT’s in the metaverse and leveraging our creator platform HoloX to populate the metaverse with content at scale is super exciting to me.” Under the definitive agreement, NexTech will issue shares equal to the aggregate value of NexTech shares trading on the exchange, where the majority of volume occurs in the 20 days prior to the announcement of the closing date. The transaction is expected to close by the end of August 2021. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas