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- Software company Vection Technologies (VR1) is shifting direction to focus on monetising its flagship VR and CAD software, Mindesk
- To progress the software’s monetisation, the company has commenced a new marketing strategy to focus on online software distributions channels
- To this end, Vection has enlisted the plug-in service Food4Rhino for the software’s first paid media campaign, with further promotional media to follow in the coming weeks
- By modifying its focus, Vection Technologies hopes to transition to a recurring revenue centred business model
- Vection Technologies shares are grey at market open, trading for 4.2 cents per share
Software company Vection Technologies (VR1) is shifting direction to focus on monetising its flagship VR and CAD software, Mindesk.
The software operates on a software-as-service model, with customers committing to an ongoing subscription plan, rather than buying the software outright as a commodity. As of June 2020, Mindesk has 2300 unique accounts across more than 100 countries.
To progress the software’s monetisation the company has commenced a new marketing strategy, focusing on online software distributions channels.
To this end, the company has already paid for the software’s first marketing campaign on the plug-in service Food4Rhino. Further paid promotion is planned on LinkedIn, YouTube and in specialised industry presses in the coming weeks.
By modifying its focus, Vection Technologies hopes to align the software’s development with an overarching growth strategy, transitioning the company into a predominantly recurring revenue business model.
Thus far, the company’s market share has shown little growth since it first listed in early 2017. After an initial public offering at $0.21, the company’s share price fell to just two cents by the start of 2018 and has remained largely stagnant until more recently.
However, since the beginning of May, following a series of positive partnership and grant announcements, Vection’s share price has more than doubled.
Managing Director Gianmarco Biagi believes the Mindesk software represents a strong opportunity to accelerate the company’s growth strategy.
“Vection Technologies is committed to deliver on its stated growth strategy and its transformation into a predominant recurring revenue business model,” Gianmarco explained.
“The company is operationally and commercially well-positioned, despite the ongoing market conditions linked to COVID-19,” he said.
Vection Technologies shares are grey at market open, trading for 4.2 cents per share at 10:31 am AEST.
