NexTech AR has completed another acquisition—this time of a provider of anti-aging supplements for pets.
The acquisition of Infinite Pet Life was completed for a purchase price of $1.85 million. It generated $2.2 million in revenue last year.
This is NexTech’s third completed acquisition in 2019, following transactions for an ecommerce business in January and a 360-degree photography software business in February.
NexTech plans to use Infinite Pet Life as a springboard into the pet market for its own augmented reality (AR) and artificial intelligence (AI) solutions, such as Try-It-On.
The Toronto-based company said the information it will glean from its new acquisition “will significantly advance its knowledge of the customer and their online shopping journey through analysation of real-time data and analytics”.
“This valuable information, effectively mapping out a customer’s path to purchase, will enable NexTech to accelerate the launch of its existing and new AR and AI solutions for ecommerce,” according to a statement.
Evan Gappelberg, chief executive officer of NexTech, said: “We are pleased to complete our third acquisition in just the first four months of 2019 and look forward to continuing to execute on our aggressive growth-by-acquisition strategy. This transaction positions NexTech to reach a projected $8.2 million in consolidated revenue and $1 million in EBITDA for 2019—a significant step toward becoming cash flow positive.”
“We’re also excited for the opportunities this acquisition provides us from an AR marketing standpoint. We now own a platform where we can bring our AR ecommerce technologies to market and demonstrate the benefits our solutions can bring to e-retailers around the world.”
NexTech has bold plans for its AR and AI solutions. Gappelberg told VRWorldTech recently: “Next, we’re looking to launch our AR university for education and training, which will be as compelling as what we’re doing in ecommerce, You’ll be able to teach and learn using 3D objects. That’s potentially very powerful.”
“And we’re working on live streaming and telepresence, where you can be a hologram talking to someone on the other side of the world. It could work for board meetings, or consider online dating. You’ve been talking to someone online and you want to meet each other, but you’re not sure. Why not do it as a hologram? The potential of this technology is only limited by your imagination.”
Image credit: Infinite Pet Life and NetTech AR