Bigtincan Holdings Ltd (ASX:BTH) has completed the acquisition of Vidinoti SA, a Swiss-based leader in augmented and virtual reality (AR/VR) technology, for $770,000.
This will assist Bigtincan in building its AR/VR technology business and comes as the company has achieved A$53 million in Annualised Recurring Revenue (ARR), surpassing previous guidance of FY21.
Vidinoti, a Swiss leader in AR/VR technology, has developed a comprehensive suite of tools to create, deploy and manage augmented reality content including V-Director, V-Player and the Vidinoti SDK.
Consideration
Consideration for the acquisition is approximately $770,000 (550,000 Swiss francs) subject to adjustments for working capital and net debt. The consideration will be 50% cash and 50% equity.
At completion, a cash payment of approximately CHF270,000 was made by Bigtincan while
392,612 fully paid ordinary shares were issued to the sellers at an issue price of $1.01 per share, equating to CHF275,000.
Bigtincan CEO and co-founder David Keane said: “We have been collaborating with the Vidinoti team for some time and I am delighted that we could now bring our companies together to accelerate development in this exciting space for enterprise use cases."
Vidinoti background
Vidinoti holds patents in core areas of technology that will further advance Bigtincan’s leadership in this important technology sphere.
The Vidinoti team brings more than 10 years of experience in AR and localisation technologies, with more than 50 projects across a diverse range of industries.
This acquisition adds to Bigtincan’s leadership in new technologies to further its mission of creating the ‘Buying Experience of the Future’ for the world’s leading enterprise customers.
Trading update
The $53 million in ARR represents a growth of 48% from the $35.8 million achieved at the end of June 2020, driven by new deals and expansion with customers including Delta Airlines, BT and others.
Commenting on the trading update, Keane said: “Achieving $53 million in ARR before the end of the FY21 period is another milestone in the development of Bigtincan.
“This result demonstrates the ongoing progress of the Bigtincan business and arises from a combination of new orders in the USA, Europe and Asia/Pacific, together with expansion from existing customers, and shows that as the world continues to move forward and economies strengthen, Bigtincan technology is critical to the success of customer facing workers in an increasingly digital and remote economy.”