Asset Acquisition has seen Glimpse move into the Architecture, Engineering and Construction (AEC) segments. And also, enter into the Australian enterprise market.
The Auggd acquisition was structured as an asset acquisition and no liabilities were assumed by Glimpse. The transaction is equity based only (no cash consideration) and includes an initial nominally dilutive issuance of common shares, with the majority of future equity based acquisition payments subject to the achievement of significant Auggd revenue growth milestones over the next three years. Auggd has historically been cash flow neutral-to-positive.
Matthias Krampe, Co-Founder and Head of Business Development at Auggd, is expected to move to the US to lead it as its General Manager under Glimpse. His focus will be to expand Auggd’s presence in the US, while simultaneously supporting and growing the existing Australian and European base.
Mr. Krampe commented, “We are thrilled to join Glimpse’s diverse and robust ecosystem of VR & AR companies. We expect to leverage Glimpse’s diverse base of top tier customers and relationships across industries to propel our growth in the AEC markets in the US. In parallel, our proprietary software and services will be integrated with Glimpse’s technology platforms, further strengthening it to the benefit of all Glimpse companies. In addition, our existing operations in Australia and customer base will form the initial base of Glimpse’s operations in Australia”.
Lyron Bentovim, President & CEO of The Glimpse Group said: “The AEC market represents a significant strategic market opportunity for Glimpse. We believe that Auggd is well positioned to capture an increasing share and drive adoption of these novel technologies. We welcome Matthias and his team to Glimpse and look forward to his leadership in building out Glimpse’s AEC client pipeline in the US as well as Australia and Europe”.
Mr. Bentovim continued: “In addition, Auggd has built a respected reputation in Australia with clients across industries that also include automotive, consumer goods and technology, sales and marketing, and education. The acquisition represents a unique opportunity for Glimpse to enter the continent. The establishment of Glimpse Australia will allow us to introduce our plethora of enterprise focused VR/AR companies and solutions to the Australian market, which we believe is often overlooked by US companies yet has tremendous growth potential. With a base of operations in place locally, we may also seek to add other Australian VR/AR companies to Glimpse Australia over time, thereby creating a true Glimpse hub.”