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Vection (ASX:VR1) rolls out in AU and NZ on Storm FX partnership
Source: Vection
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  • Real-time software company Vection Technologies (VR1) completes its purchase of JMC Group for €4 million (about A$6.4 million)
  • JMC develops high-level integrated business technology solutions
  • Under the deal, Vection appointed Jacopo Merli as JMC's CEO
  • Notably, this purchase would deliver combined revenues, based on unaudited FY20 results, of over $10 million
  • On the market this morning, Vection is up 5.26 per cent and is trading at 10 cents per share

Vection Technologies (VR1) shares are up today after completing its purchase of JMC Group.

JMC is a European-based technology company that develops integrated business technology solutions.

This purchase is an all-scrip deal worth €4 million (around A$6.4 million), through which Vection issued nearly 64 million shares at 10 cents each.

Under the deal, Vection appointed Jacopo Merli as JMC's CEO from today.

Vection believes this purchase will speed up its expansion within the Europe, Middle East and Africa region.

Notably, this purchase would deliver combined revenues, based on unaudited FY20 results, of over $10 million.

Managing Director Gianmarco Biagi is pleased with the purchase of JMC.

"The completion of the acquisition of JMC represents a further significant step in our global growth strategy, consistent with our core vision of establishing Vection as a global technology company with a strong XR foundation, deeply integrated with innovative enabling technologies and strong vertical competences," he said.

"Vection’s management remain fully aligned with the strategy and the interest of all stakeholders as we progress with our growth plans during FY22."

On the market this morning, Vection is up 5.26 per cent and is trading at 10 cents per share at 1:24 pm AEST.

VR1 by the numbers
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