ARway.ai (CSE:ARWY, OTCQB:ARWYF) announced it will acquire real-world mapping software firm Map Dynamics (MapD) in an all-share transaction.
It is acquiring the company for 4 million shares valued at more than $1 million based on Friday’s closing price of $0.26 per share.
The provider of AI-powered augmented reality experiences for indoor spaces said the acquisition will add $1.2 million in revenue and $250,000 in earnings before interest, taxes, depreciation and amortization (EBITDA) per year.
It expects the strategic combination of the two interactive mapping platforms to fast-track ARway’s product development roadmap and growth opportunities.
MapD’s expertise in creating detailed venue maps and floor plans will be leveraged to enhance 2D and 3D maps, omni-channel accessibility, remote access, directory and search capabilities, and more.
“This strategic integration of MapD's robust event technology with ARway's innovative AI-powered platform promises to deliver exceptional value to both companies,” ARway.ai CEO Evan Gappelberg commented.
"This merger not only fast-tracks ARway's product development roadmap but also opens up new revenue channels through indoor mapping solutions and interactive maps for navigation, enhancing the overall user experience and making ARway a more comprehensive augmented reality navigation and experience platform.”
The company noted that MapD’s existing customers, of which there are more than 400, will still be able to access the full platform and can expect to see new features added to assist booth sales, attendee registration and immersive navigation with ARway.ai (CSE:ARWY, OTCQB:ARWYF).
Shares of ARway.ai moved higher premarket on the news, adding almost 25% at US$0.25.