July 20, 2020 – ImagineAR, Inc., a provider of an augmented reality platform that enables businesses to create their own AR mobile campaigns, has today announced the signing of an MOU with Loop Insights, Inc., a provider of contactless solutions and Artificial Intelligence (AI) to drive marketing and real-time consumer insights.
The integration of each company’s respective technologies into a singular platform will allow for the delivery of personalized promotions and targeted engagement, which the companies hope will lead to higher conversions and transaction revenue, particularly in the professional sports, entertainment, and retail industries, which ImagineAR is targeting.
The companies stated that they are both well supported and positioned, with Loop recently becoming a member of the Amazon Partner Network and ImagineAR being a Microsoft co-sell Azure partner. ImagineAR clients include NBA Sacramento Kings, AT&T, Mall of America, and the Basketball Hall of Fame.
Last week, Loop announced the acceleration of conversations and projects with two Canadian telecommunications companies, as well as, network providers in the United States. Furthermore, the company states that it is in “advanced discussions with major organizations in the NFL, NHL, NCAA, and a globally renowned Casino company.”
Loop Insights CEO Rob Anson stated: “Loop Insights utilization of Artificial Intelligence and IoT technology was already turning heads in retail with our ability to deliver dynamic, personalized promotions in real-time. With ImagineAR’s immersive AR applications, we can create a whole new world of engagement that does not exist today. Together, our innovative solution unlocks engagement strategies that consumers simply have not previously experienced. This is the convergence of AI, IoT, and AR that technology companies have been promising the retail industry for years.”
ImagineAR’s offering allows for real-time engagement with consumers using mobile augmented reality. Loop Insights enhances the AR solution with artificial intelligence to make the customer experience hyper-personalized by providing promotions for the purpose of generating a higher average spend. Loop and ImagineAR will jointly introduce their platform to each other’s global client networks to increase reach and accelerate scalability. The companies state that revenues will be driven through onboarding and annual licensing fees, and that both companies will also benefit from monthly Software as a Service (SaaS) and managed service fees.
ImagineAR CEO, Paul Silverrstieen, added: “Both of our companies are already focused on the sports, entertainment and retail industries. ImagineAR’s platform solution captures fan and consumer attention with its immersive experiential AR activations. Now with Loop’s integration, we can offer highly personalized, dynamic targeted promotions to increase loyalty and consumer spend, as well as marketing attribution to create detailed fan loyalty profiles, for our shared global clients.”
Together, the companies plan on seizing further market opportunities in AR and AI by merging their respective technologies.
Image credit: ImagineAR / Loop Insights