Vection Technologies (ASX:VR1) has signed a binding agreement to acquire 3D technology company MYR S.r.l to help ‘revolutionise’ the fashion and apparel industry.
The $48.44 million market capitalisation company says this proposed acquisition aims to further bolster its solutions suite for customers in the fashion sector and unlock new organic growth opportunities.
By acquiring MYR, Vection will strengthen its INTEGRATEDXR solutions suite for the fashion, retail, and consumer goods sector, as the MYR ‘Look Customizer’ software empowers fashion brands to revolutionise their design and production processes by enabling them to create and customise denim prototypes in a virtual environment with ‘unparalleled ease and precision’.
In addition, MYR’s consulting service helps customers streamline their design, prototyping, and industrialisation processes for products.
With these capabilities, Vection customers can improve efficiency, expedite time-to-market, reduce costs, and deliver additional personalised and immersive experiences to their audiences.
Commenting on the acquisition, Vection Technologies Managing Director Gianmarco Biagi says: “This acquisition reinforces our commitment to delivering unparalleled solutions to our customers in the fashion, retail, and consumer goods sectors.
“we can now provide a stronger suite of solutions that empower our customers to transform their businesses and stay ahead in this rapidly evolving market”
With MYR’s expertise and innovative 3D and mixed reality solutions, we can now provide a stronger suite of solutions that empower our customers to transform their businesses and stay ahead in this rapidly evolving market.
This acquisition not only enhances our position as a leader in the extended reality technology space but also unlocks new organic growth opportunities for us as we continue to innovate and expand our customer base.”
According to Vection, brands such as Diesel, Calvin Klein, and Tommy Hilfiger have entrusted MYR to provide their innovative solutions.
Vection Technologies is an ASX-listed virtual and augmented reality tech specialist focused on helping businesses bridge the physical and digital worlds.
Write to Aaliyah Rogan at Mining.com.au
Images: Vection Technologies