- Nextech acquired Map Dynamics, an event software platform, in November 2020
- In a recent update to shareholders, Nextech announced that Map Dynamics had generated approximately $500,000 since its acquisition
- For the 18 months preceding the acquisition, Map Dynamics had generated about $1.5 million; these statistics suggest that Nextech is on course to attain target to grow Map Dynamics by 100X
- Nextech also announced that Map Dynamics had been recognized as this 2021’s “Supporting Associate Organization of the Year” by the Florida Society of Association Executives (“FSAE”)
inn November 2020, Nextech AR Solutions (CSE: NTAR) (OTCQB: NEXCF), a leading provider of augmented reality (“AR”) experience technologies and services, announced it had acquired self-service event software platform Map Dynamics. In a statement accompanying the announcement, Nextech CEO Evan Gappelberg intimated that the company was looking at the acquisition as an opportunity to grow Map Dynamics by 100X (https://ibn.fm/zNwEf).
A little over seven months later, Nextech, in a July 9 update to shareholders, announced that Map Dynamics had generated approximately $500,000 since being acquired (https://ibn.fm/RrjQM). Considering that its revenue for the 18 months pre-acquisition was about $1.5 million, NTAR appears to be on course to achieve the growth target.
NTAR also announced that Map Dynamics had been recognized as the “Supporting Associate Organization of the Year” by the Florida Society of Association Executives (“FSAE”). This award, whose previous recipients have included Hilton Worldwide, MemberClicks, and Marriott International, honors an organization or company that has demonstrated exceptional efforts, excellence, and innovation regarding its ongoing or special services or programs that benefit their profession, industry, or the association industry. The company should also have at least one FSAE Associate member.
Map Dynamics was awarded for its longstanding commitment to both the FSAE and the association industry through being actively involved in and authentically partnering with multiple state association societies. Further, despite the pandemic-induced trade show cancellations, Map Dynamics remained resolute. The company, in fact, regrouped and delivered new solutions to its customers through a new virtual event platform.
“With Map Dynamics acquisition, we not only ended up with a great platform that has serviced 4.5 million visitors, but also 700 association customers that are connected to thousands of businesses or members. We are now starting to work with the associations to educate them about our AR solutions that would benefit their members,” said Evan Gappelberg.
Evan further noted that about 33% of all Americans are connected to an industry association or non-profit organization and that Nextech’s work benefits the members of these important bodies. The company is excited to expand the range of offerings available to all members across the association value chain to fully leverage its full suite of AR and hybrid event solutions. “With close to 100,000 industry associations in North America – we anticipate significant growth opportunities ahead with our innovative AR solutions,” Evan concluded.
Jeremy Minnick, the Lead Developer for Map Dynamics, considered the award a profound affirmation that the company is an integral part of the community, as well as a powerful reminder to continue fighting for its beliefs (https://ibn.fm/68caE).
For more information, visit the company’s website at www.NextechAR.com.
NOTE TO INVESTORS: The latest news and updates relating to NEXCF are available in the company’s newsroom at https://ibn.fm/NEXCF
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