- Vection Technologies (VR1) has secured what is expected to be a material distribution partnership with TS Nuovamacut for Mindesk
- Mindesk allows computer-aided design (CAD) products to be designed and edited in virtual reality
- TS Nuovamacut is a partner of Dassault Systèmes Solidworks and will distribute Vection's virtual reality interface for Solidworks software
- The agreement aligns with Vection's growth strategy and brings the company's total partners to 50
- It also supports the company's aim to accelerate sales initiatives to achieve 50 per cent annual recurring revenue (ARR) by June 2022
- Vection shares are up 12.1 per cent in early trade, worth 18.5 cents each
Vection Technologies (VR1) has secured what it expects to be a material distribution partnership with TS Nuovamacut for Mindesk.
The propriety virtual reality interface allows for computer-aided design (CAD) products to be designed and edited in real-time and supports various software including Rhino, Grasshopper, Unreal Engine and SolidWorks.
TS Nuovamacut is a partner of Dassault Systèmes Solidworks and will distribute Vection's virtual reality interface for the Solidworks software.
Solidworks is a CAD software with more than six million users worldwide and is typically employed for the design of light mechanics, gadgets, appliances, automation and metalworks.
TS Nuovamacut distributes Solidworks’ licence software to 8600 companies and 26,000 users and is the largest CAD/product lifecycle management (PLM) Dassault Systèmes Solidworks partners in Italy.
Vection Managing Director Gianmarco Biagi said the new agreement strongly support the company's growth strategy.
"We are very pleased to have partnered with one of the largest Dassault Systèmes Solidworks partners globally. This relationship is a key step forward in our global distribution strategy, aligned with the June 2022 50 per cent annual recurring revenue (ARR) goal," the Managing Director said.
"Vection Technologies’ management is confidently delivering on its long-term strategy, with a clear roadmap to strong revenue generation during the second half of the current financial year," he added.
The agreement also aligns with Vection's growth strategy, which involves expanding its distribution footprint and bring the company's total partnerships to 50.
While the value of the partnership has not yet been determined, it is expected to be material.
Vection shares are up 12.1 per cent in early trade, worth 18.5 cents each at 10:32 am AEDT.