NexTech AR acquires event management firm Map Dynamics to expand its suite of augmented reality offerings

NexTech AR Solutions (OTCQB:NEXCF) (CSE:NTAR) (FRA:N29), a virtual and augmented reality (AR) company, announced Monday that it has acquired the event management platform Map Dynamics.  The company, based in Athens, Georgia, offers a consolidated set of self-service event management tools through its event home base technology, coupled with dedicated support teams to create virtual, in-person or hybrid events. The deal cost NexTech C$780,000 in cash up-front, with a 12-month potential earn-out of another C$525,000.  Map Dynamics’ self-serve virtual events platform supports live video, chat, networking and analytics reporting for associations, conferences, trade shows, webinars, summits, forums and workshops for up to more than 100,000 attendees. READ: NexTech AR reports 3Q bookings and revenue jumped by triple digits year-over-year NexTech said it plans to sell its AR solutions to Map Dynamics customers, offering a self-service, no-touch option on top of its InfernoAR white-glove service.  The acquisition gives NexTech tiered pricing options and self-service technology for live and virtual events, and the event home base technology will help increase event managers’ flexibility and control by allowing attendees to gain access to event content from their devices. Over the past 19 months, Map Dynamics’ platform has hosted more than 1,700 events, 60% of which were live events before the company switched to virtual hybrid events in March. The company is an official partner of multiple state societies of association executives, including the Georgia Society of Association Executives (GSAE), the Empire State Society of Association Executives (ESSAE) and the New England Society of Association Executives (NESAE), as well the National Apartment Association (NAA). “We’re excited to join the team at NexTech and look forward to bringing our platform and our experience serving the association space to this fast-growing and ever-expanding company,” Map Dynamics CEO Jeremy Minnick said in a statement. “After meeting with the NexTech team, it was clear that our goals and values align in many ways; we want to simplify the process for customers with innovative solutions, we aim to provide top-notch service when and where needed, and we help our customers create engaging experiences that meet their unique and changing needs within the new normal. I'm confident that together, we’re going to continue this growth trajectory and will further establish ourselves in the association space." As part of the acquisition, NexTech is hiring the Map Dynamics team. “We’re excited to bring Jeremy and his Map Dynamics team into our rapidly growing NexTech family, which is now approaching 200 talents,” NexTech CEO Evan Gappelberg said. “Jeremy is a talented programmer who will fit in perfectly with our team as he continues to work on his platform and add even more amazing functionality. We love hiring top talent and welcome his entire team, including his four salespeople and the experienced support staff.” Map Dynamics generated roughly C$1.5 million in revenue in 2018, the company said. Long term, Gappelberg’s goal is to grow the business 100-fold. “With Map Dynamics’ huge customer base, we have a major opportunity to not only cross-sell our AR solutions, which brings enormous and immediate upside, but to also super-charge the platform with our significant marketing muscle,” Gappelberg said. Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com Follow him on Twitter @andrew_kessel