Vection Technologies, an Australian firm known for its expertise in spatial computing, has acquired The Digital Box-QuestIt, a company based in Bari, Italy, for 12 million euros.
The Digital Box-QuestIt is recognized for its work in generative artificial intelligence and digital strategies.
Vection Technologies, which operates in Italy, the UAE, Australia, and the USA, focuses on creating immersive experiences by merging digital and physical worlds through advanced 3D devices.
The company develops solutions using augmented reality, virtual reality, and AI for various sectors, including industry, healthcare, manufacturing, defense, retail, education, and real estate.
Marco Landi, a former Apple executive and the upcoming chairman of Vection Technologies, highlighted the potential of combining The Digital Box-QuestIt's AI with Vection's 3D virtual reality capabilities to deliver advanced applications across different markets.
The strategic plan includes expanding into the US, continental Europe, and Australia, with a focus on capturing new market shares.
CEO Gianmarco Biagi noted the growing demand from the Gulf and Middle Eastern countries for real estate and educational projects.
Vection's proprietary platforms, some patented, are tailored for diverse industry applications.
The acquisition is expected to increase Vection's revenue to 45 million Australian dollars, with a projected double-digit growth in the next fiscal year.
The company's client portfolio includes prestigious names like Humanitas University, New York University, Trenitalia, Ferrero, and Nestlé. In Italy, the research and development of QuestIT's Algho platform, a core component of their AI technology, will continue.