NexTech AR Solutions Corp (CSE:NTAR) (OTCQB:NEXCF) announced Thursday that its InfernoAR virtual events program was chosen as the platform to host a global insurance company’s worldwide leadership summit on June 6.
InfernoAR allows companies to host virtual conferences, trade shows, product tours, webcasts and webinars and can be integrated with standard collaboration tools like Zoom and Microsoft Teams.
New York- and Toronto-based NexTech acquired InfernoAR as part of a March 2020 deal for Jolokia, a remote video training and live stream company that generated $1 million in Software as a Service (SaaS) revenue for 2019.
READ: NexTech AR revenue rockets in 1Q results; Virtual Events division well-positioned as more work from home
According to a statement, NexTech is seeing strong demand for enterprise virtual meetings and remote work solutions during the coronavirus pandemic. The new client is a $13 billion-dollar publicly traded global insurance company.
“We are thrilled to be adding this global insurance industry leader to our customer base, for the InfernoAR Virtual Events platform,” NexTech’s CEO Evan Gappelberg said in a statement.
“As COVID-19 has created a void for business that requires in person meetings and conferences it has also created a huge opportunity for us with our state of the art highly versatile one of a kind virtual events platform InfernoAR. In the current environment where 100% of conferences are virtual we are now experiencing a surge in demand for virtual conferences globally.”
NexTech is currently pursuing the use of AR technology across four key verticals — ecommerce, education, entertainment and advertising. Earlier this week the company posted revenue of C$2.5 million, during its first quarter, 177% more than the C$901,111 it brought in during the first quarter of 2019, while gross profit surged 267% to C$1.3 million from C$367,017 over the same period.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas