- NexTech AR Solutions (NTAR) is looking to shore up its potential income streams with the acquisition of the AirShow music app
- The app allows consumers to to buy tickets and watch music performances in their own home
- It was acquired from TRICK 3D, along with a valuable set of artificial intelligence coding and four experienced developers
- As consideration for the deal, NexTech paid a total of C$300,000 to TRICK 3D, consisting of both cash and common shares
- NexTech AR Solutions (NTAR) is currently up 0.93 per cent and is trading at $5.40 per share
NexTech AR Solutions (NTAR) is looking to shore up its potential income streams with the acquisition of the AirShow music app.
The app, which will be acquired from TRICK 3D along with a valuable set of artificial intelligence coding and four experienced developers, allows consumers to purchase tickets to watch live music shows in their own home.
NexTech not only plans to use the app to break into the US$50 billion (approximately C$67 billion), but also to expand the capabilities of its virtual events platform, InfernoAR, as well as its augmented reality eCommerce business.
The proposed transaction represents the company’s seventh acquisition to date – its third augmented reality deal – and brings NexTech one step closer to reaching its goal of establishing the world’s first end-to-end augmented reality ecosystem.
Evan Gappelberg, CEO of NexTech AR Solutions, said the acquisition will expand the company’s potential revenue and earnings growth, and brings a tremendous amount of experienced talent to the team.
“With live music concerts shut down for the foreseeable future I see this app as a way for NexTech to help artists fill the revenue void they are currently experiencing.
“We already have recognisable musicians and music businesses partners that are eager to join the application,” he added.
NexTech is expected to pay a total of $300,000 for the acquisition, 50 per cent of which will be made in cash with the remaining amount to be issued in common shares.
The deal is expected to close on October 1, 2020.
NexTech AR Solutions (NTAR) is currently up 0.93 per cent to $5.40 per share at 1:47pm EDT.
