NexTech AR Solutions Corp (OTCQB:NEXCF) (CSE:NTAR) (FRA:N29) announced Tuesday that it has reached deals to establish seven additional strategic channel partnerships in the Asia Pacific region, bringing its total there to eight.
These partner agreements support the e-learning market and MICE (meetings, incentives, conferences, and exhibitions) industries, two target sectors for NexTech. The company now has a presence in Korea, Malaysia, the Philippines and Singapore.
The new partners will be able to support, sell, design, build and deliver NexTech’s suite of customizable augmented reality (AR) and virtual experience solutions to a market in search of new solutions for hybrid events and education settings, the company said.
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“The response to NexTech’s AR and virtual experience offerings has been overwhelmingly positive; we have seven quotes in the market in just the first 30 days,” Asia Pacific President Yau Boon Lim said in a statement. “Every other day we’re connecting with potential partners inside and outside of our networks, who are particularly interested in the AR component but who are also seeing the additional value of our comprehensive virtual experiences.”
NexTech launched its Asia Pacific presence roughly one month ago, announcing a collaboration with South Korea’s largest events coordinator and event hall, Coex.
“Our strategy for growth and scaling has always been on building an ecosystem of channel partners in key industries that are high growth and can benefit in the short and long term from these technologies,” Lim said. “We are confident that this first group of eight will be an integral part in helping us scale Southeast Asia, and they are the first of many more strategic partnerships that will emerge through our efforts in this market.”
The company cited a report from Allied Market Research that said the Asia Pacific MICE industry generated revenue of $229 billion in 2017 and is expected to reach $441.1 billion by 2025, providing a significant opportunity for virtual and hybrid events. In the education industry, e-learning was evaluated as a $35 billion market in 2019 and is expected to surpass $90 billion by 2026, the company said.
“We are thrilled to have Yau Boon sign up such an impressive group of partners so quickly, which speaks to the interest in our technology and products,” CEO Evan Gappelberg said. “These eight partners are a key first step for our expansion within the Asia Pacific Market. We are growing very rapidly in North America and the EMEA regions, and plan to continue this fast growth with expansion into the Asia Pacific market. We believe NexTech should be accessible 24/7 and through these partnerships, we are able to do just that.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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