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- ServTech subsidiary, Vection Italy, has signed a contract with Gruppo Infor for the distribution of Vection’s virtual reality (VR) platform FrameS: a powerful visualisation, collaboration and prototyping software
- The contract is expected to bring on board roughly 4,000 new clients, bringing total new expected clients this month alone to 6,700
- Infor is partnered with household names like Microsoft, Autodesk and Adobewill, and will help market Vection’s software to existing clients in the industrial sector
- The agreement will primarily target Italy’s mechanical industry, which boasted revenues of €48.5 billion last year
- With the distribution agreement comes a $2 million controlled placement agreement with Acuity Capital, in which ServTech retains full control
ServTech Global is continuing to expand its unique position in the VR industry, announcing a distribution agreement with European Gruppo Infor.
ServTech’s subsidiary Vection Italy signed the contract for the distribution of its VR platform FrameS: a powerful visualisation, collaboration and prototyping software. Top-tier companies like Lamborghini and Volvo have adopted the FrameS technology for virtual prototyping, modelling, and training to save costs and increase productivity.
Vection’s contract with the leading software distribution company is expected to bring on board roughly 4,000 new clients, and this is the second distribution partner signed on within the last month. In early June, a contract with Four Bytes was signed, expecting to bring in roughly 2,700 new clients.
ServTech management said following today’s contract, the company’s primary sales and marketing network will target these new 6,700 clients who operate in industries that could benefit from the FrameS software.
Infor is partnered with household names like Microsoft, Autodesk and Adobe, and posts roughly €20 million (A$32 million) in yearly revenue. Infor will market Vection’s VR and augmented reality (AR) software solutions to existing clients in the industrial sector — a sector in which Infor already has extensive knowledge and key partnerships.
Infor CEO Fabrizio Montali said the company was excited to make its entry into the VR and AR market, which he described as a significant high-growth industry.
“We believe that our existing customers will potentially adopt these software solutions, while facilitating profitable market share growth for Infor,” Fabrizio said.
ServTech Managing Director Gianmarco Biagi said Infor is an ideal partner for the execution of ServTech’s client acquisition strategy.
“We are very pleased to start this partnership with Infor, a key player in software solutions for the mechanical industry, which is an important market segment for the FrameS distribution strategy,” Gianmarco said.
Developers and creators in the industrial sector will be able to use FrameS technology to visualise, draw, model, and collaborate on products in real-time without the need for prototypes or to be in the same room. FrameS can allow users to work together in a multi-user virtual environment from anywhere in the real world.
ServTech said the distribution agreement will primarily target Italy’s mechanical industry and companies manufacturing products like welding and laser cutting machinery, food tech, industrial furnaces, road and mining machinery and more. Italy’s manufacturing mechanical industry boasted revenues of €48.5 billion last year.
With the announcement of the distribution agreement also comes a controlled placement agreement with Acuity Capital, which can give ServTech up to $2 million capital over the coming 24 months.
ServTech management said the it’s important to note that it has full control of all aspects of the placement process: the number of issued shares, the minimum share price and the timing of each tranche, for example.
ServTech has placed 32 million shares to Acuity Capital, but can at any time cancel the controlled placement and buy back all shares for no consideration.
