ServTech Global Holdings Ltd’s (ASX:SVT) wholly-owned subsidiary Vection Italy SRL has executed a framework collaboration agreement with global automotive manufacturer Volvo.
The initial one-year agreement entails Volvo adopting Vection’s proprietary virtual and augmented reality technology for marketing, automotive value chain, training and sales purposes.
It comes after Vection’s delivery of an interactive augmented reality experience for Volvo’s recent worldwide vehicle and safety campaign.
ServTech chairman Bert Mondello said the agreement validated ServTech’s strategic acquisition of Vection and its entry in the growing virtual and augmented reality software market segments.
He said: “The adoption by Volvo of Vection’s virtual reality technology is critical in the company’s positioning in the automotive industry and provides the company with significant global exposure.”
The first project under the agreement will showcase Volvo’s occupant protection and safety equipment through the implementation of Vection’s proprietary augmented reality overlay and holographic technology.
Volvo intends to incorporate Vection’s technology into other business verticals to market and create new and interactive consumer experiences.
“Part of the company’s broader global partnership strategy”
ServTech managing director Gianmarco Biagi said the framework agreement was the first executed by Vection among a number of ongoing negotiations.
Biagi said: “[It] forms part of the company’s broader global partnership strategy aimed at positioning Vection as the leading VR software provider for Tier 1 companies.
“This close collaboration with Volvo cements Vection’s positioning in the automotive industry, supporting Volvo in its growth and development strategy.”