April 12, 2019 – NexTech AR Solutions has announced that it has completed its acquisition of Infinite Pet Life for a purchase price of USD $1,850,000. Infinite Pet Life generated USD $2.2 million in revenue and USD $600,000 in EBITDA in 2018. NexTech signed a Letter of Intent to acquire Infinite Pet Life on March 19, 2019.
Infinite Pet Life is a provider of anti-aging supplements for pets that promote better joint and gut health. The acquisition marks the third completed acquisition for NexTech in 2019, following transactions in January and February. It continues the Company’s strategy to grow through the acquisition of revenue generating technology companies.
“We are pleased to complete our third acquisition in just the first four months of 2019 and look forward to continuing to execute on our aggressive growth-by-acquisition strategy. This transaction positions NexTech to reach a projected $8.2 million USD in consolidated revenue and $1 million in EBITDA for 2019 – a significant step toward becoming cash flow positive,” said Evan Gappelberg, CEO of NexTech. “We’re also excited for the opportunities this acquisition provides us from an AR marketing standpoint. We now own a platform where we can bring our AR eCommerce technologies to market and demonstrate the benefits our solutions can bring to e-retailers around the world.”
NexTech has stated that it will make the following post-acquisition augmented reality enhancements:
- Building 3D AR advertising around the brand for Facebook;
- Creating a holographic AR/AI brand expert on pet health;
- Creating 3D models of pets showing how the supplements work;
- Offering a social channel for sharing of 3D AR images of pets;
- Launching AR “pocket store” in the ARitize app.
The company added that thanks to its acquisition of Infinite Pet Life, NexTech has gained a platform with a broad customer-base on which to launch its AR and AI solutions, and to help create an eCommerce AR/AI showcase for consumers and prospects. By utilizing its AR and AI solutions throughout Infinite Pet Life, NexTech plans to advance its knowledge of its customers and their online shopping journey through the analysis of real-time data and analytics. NexTech expects this information, which it anticipates will show a customer’s path to purchase, will enable the company to accelerate the launch of its existing and new AR and AI solutions for eCommerce.
As part of its growth strategy, NexTech is building out its AR and AI eCommerce offerings, which include using AI to create a guided and knowledgeable curator that can be programmed to be used across all commerce. NexTech’s ‘full funnel’ eCommerce solution for the AR industry includes offering 3D product capture, 3D ads for Facebook and Google, ‘Try it On’ technology for online apparel, 3D and 360 degree product views, and ‘one click buy.’
Image credit: NexTech