- Virtual and augmented reality specialists ServTech has broken its sales record, reaching over $1 million during the quarter
- The company’s software allows for real-time collaboration on projects using VR and has secured Lamborghini and Maserati as clients
- A partnership with Volvo which uses AR services is also being used in over 60 Italian dealerships
- ServTech’s share price is remaining flat today, currently sitting at 1.5 cents each
ServTech has achieved record sales during the quarter, reaching $1.1 million, representing growth of 120 per cent on the previous year.
The virtual and augmented reality specialists are transitioning towards implementing a global subscription-based software-as-a-service model. This transition has seen the company partner with Volvo, providing its AR software across 63 dealerships.
ServTech boasts world-renowned clients such as Lamborghini, Maserati and Ferretti using its VR and AR software.
In its market update, the company outlined it has over 300 potential locations globally to introduce its AR in-store furniture and fashion configurators.
The company’s fully owned business Vection is collaborating with luxury brands who have furniture sectors, providing AR services which allow customers to view products digitally in 3D. Customers can see how pieces will look in their home before buying.
The in-store fashion configurator saw Vection provide a handbag prototyping tool to a high selling luxury brand this year. It will now target over 200 locations world-wide to continue implementing its software.
SerTech’s client base is now across eight industries and three continents. Real Estate remains the largest industry, making up 32 per cent of contract revenue. The automotive industry is close behind at 29 per cent.
The company’s FrameS VR technology is launching in Europe next month and has been designed to integrate with the leading 3D Computer-Aided Design (CAD) program, Rhinoceros.
FrameS allow multiple users to work collaboratively in real-time on projects creating virtual prototypes.
A new partnership with top Italian software and IT provider Altea Federation is expected to boost Vection’s revenue by $1.7 million over three years. Altea’s portfolio includes the likes of Gucci, Ferrari and Duracell.
The company expects to make half of its net target revenue through recurring subscription-based sales.
Servtech’s share price is remaining flat today, currently sitting at 1.5 cents apiece at market close.