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HomeNewsletterGlimpse Group acquires AR software company Auggd

Glimpse Group acquires AR software company Auggd

The Glimpse Group, Inc. a diversified VR and AR (Virtual Reality and Augmented Reality) platform company providing enterprise-focused VR and AR software and services solutions, recently announced that it acquired the assets of Augmented Reality Investments Pty Ltd, an Australia based company Auggd.

Auggd provides AR software and services to the AEC industry in Australia, Europe, and the US, creating experiences that visualize buildings, bridges, roads and underground services at true scale in their real-world environments. These can result in improved buildings, lower construction costs, clearer planning and impactful marketing. Since its inception approximately eight years ago, Auggd has generated more than $2 million in aggregate revenue and has successfully deployed hundreds of mobile AR apps across a broad range of industry sectors.

Matthias Krampe, Auggd co-founder and Head of Business Development, is expected to move to the US to serve as General Manager under Glimpse. Krampe’s focus will be to expand Auggd’s presence in the US, while also supporting and growing the existing Australian and European base.

“We are thrilled to join Glimpse’s diverse and robust ecosystem of VR & AR companies,” said in a statement. “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.”

Acquisition immediately accretive

The acquisition was structured as an asset acquisition and Glimpse assumed no liabilities. 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 and the acquisition is expected to be immediately accretive to Glimpse.

“The AEC market represents a significant strategic market opportunity for Glimpse,” Glimpse Group President & CEO Lyron Bentovim said. “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.

“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.””

Joe Dyton can be reached at joed@fifthgenmedia.com.

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