Engineers & designers relax, Vection now has something for you
Tech: Vection’s tech is not just for luxury car buyers, it’s now targeting architects and engineers
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Vection Technologies’ (ASX:VR1) solutions have focused on consumers, particularly luxury car buyers, but now it has something to help architects, engineers and designers.
This morning the virtual reality stock revealed it was buying Mindesk. Mindesk is a 3D design platform that helps engineers design projects from scratch using virtual reality.
It offers bi-directional real time links across other design software — users will be able to seamlessly switch to virtual reality from desktops. It relies on its own graphic engine rather than a third party’s, meaning greater performance and customisation than the competition, according to Vection.
Mindesk has several partnerships including Microsoft’s start-up support system BizSpark, having graduated from the program in 2019. It has also worked with HP and Logitech.
“The integration is the starting point towards a new generation of SaaS [software-as-a-service] tools that will cover design enterprise’s needs 360 degrees,” Mindesk CEO Gabriele Sorrento said.
“We believe the combination of Vection’s capillary distribution network and Mindesk’s worldwide partner networks is the logical step to sling both businesses to the next level.”
Vection managing director Gianmarco Biagi said the acquisition was a milestone acceleration in the evolution of Vection’s strategies.
The company will pay with 165.5 million shares, worth just over $3.3m. This also means that all of Mindesk’s institutional investors will join Vection’s registry.
Shares briefly spiked 25 per cent before retreating back to 2c on the seventh consecutive day the ASX fell.
In other ASX tech news today:
Water treatment stock Fluence (ASX:FLC) received its largest ever order from outside China. The Cambodian government is buying $US7m of Fluence’s biofilm reactors for newly build wastewater treatment plants. It will be delivered by June 2020.
Smart lighting maker Buddy Technologies (ASX:BUD) told shareholders the coronavirus had hit production. While it said the worst was over, with its manufacturing plant in China back to 80 per cent capacity today, shares still fell 10 per cent this morning. In more positive news, it said Bunnings Warehouse had removed a competitor from its marketplace leaving only itself, Signify, Amazon and Google as smart home product providers.
Meanwhile, Splitit (ASX:SPT) is partnering with global payments giant Visa. It will participate in Visa’s developer program and integrate with instalment solutions. However it said it couldn’t determine the materiality of the partnership due to the contingent nature of results that may be generated.
The newest buy now, pay later stock, Openpay (ASX:OPY), announced a partnership with automotive tech player Pentana Solutions. Pentana services 4.2 million vehicles each year, worth $2.5bn in annual servicing value. CEO Michael Eidel said this was an important category for his company to expand into because the needs were immediate but consumers could not always afford to pay up front.
