ARway.ai (CSE:ARWY, OTCQB:ARWYF) has closed its all-stock acquisition of Map Dynamics (MapD), a real-world mapping software company wholly owned by Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF).
The provider of augmented reality experiences for indoor spaces said the acquisition combines two interactive mapping platforms and is expected to fast-track its product development roadmap and add new revenue channels and growth opportunities.
With more than 400 clients, MapD generated $1.2 million in annual revenue and $250,000 in earnings before interest, taxes, depreciation and amortization over the 12 months ending in March 2024.
Evan Gappelberg, ARway.ai (CSE:ARWY, OTCQB:ARWYF) CEO, expressed his excitement over the acquisition closing, a move he said significantly strengthens ARway's position in the augmented reality and mapping technology markets.
“This strategic integration of MapD's robust event technology with ARway's innovative AI-powered platform promises to deliver exceptional value to both companies,” he said.
“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.”
Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) added that the move streamlines its operations, focusing exclusively on its profitable AI-driven 3D modeling patented technology.
“This strategic reorganization and focus on core competencies underline Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF)'s commitment to leading the evolution of digital commerce through advanced 3D modeling technologies,” Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) said.
MapD was acquired for 4 million shares valued at more than $1 million based on ARway’s closing share price of $0.26 on Friday, May 17th.
The shares are subject to a lockup of four months and one day, ending September 29, 2024.