NexTech AR Solutions has signed a binding LOI to acquire remote video training, live streaming software company Jolokia. According to the company, the Jolokia platform generated $1mill USD in SaaS revenue for 2019 and its clients include Merck, Toyota, CBS, Polycom, and others
"With the integration of NexTech’s augmented reality holograms, our Inferno platform is well positioned as the world's most advanced Video Learning Experience Platform (LXP)," said Pete Mastin, CEO of Jolokia. "Combining live broadcasting with interactive video, artificial intelligence, and holograms, corporations are now able to rapidly deliver immersive, engaging learning experiences anywhere.”
“We are very excited to merge with NexTech AR as we believe the combination of our Inferno Platform with NexTech’s formidable tech stack will create a new generation of learning and development products that will gamify the learning experience in a way that has not been seen before,” he added.
“On January 28th, we announced that we had started working with the team at Jolokia to integrate our AR into their Video Learning Experience Platform. The Nextech team quickly cracked the code on the integration of our AR into their platform, creating an enormous opportunity for both companies," said Evan Gappelberg, CEO of NexTech.
“Imagine watching a training video, going to a virtual conference or webinar, and being able to take what you are seeing on screen and put it in the room with you as a 3D/AR experience," Gappelberg continued. "Having AR seamlessly work in video training, virtual conferences, or webinars provides us with competitive differentiation and a very timely addition to our AR omni-channel offerings. With the spread of the Coronavirus, all governments, learning institutions, and corporations are forcing a huge paradigm shift in society to remote work, training, and learning creating massive new demand which should lead to explosive adoption for this platform. We expect to see a big upside in this deal for Nextech shareholders”.