- Real-time software company Vection Technologies (VR1) has signed a memorandum of understanding with Italian tech company Olivetti
- Olivetti is owned by a major Italian telecommunications operator, TIM, and is a leader in the retail and office segments
- The businesses will work together to place Vection’s virtual and augmented reality technologies within Olivetti’s market segments
- However, the financial impact of the agreement is not yet known, as it depends on how successful the companies are
- On the market today, Vection is steady and trading for 11.5 cents per share
Vection Technologies (VR1) has signed a memorandum of understanding (MoU) to supply its virtual and augmented reality technology to Olivetti.
Olivetti is an Italian tech company and is the fully-owned digital farm for the TIM Group, a major Italian telecommunications operator. It is said to be a leader in the retail and office segments due to its work in digital evolution and innovation.
The agreement will focus on placing Vection’s digital reality solutions within Olivetti’s market segments. These segments include manufacturing and logistics, agriculture and farming, urban-automotive and infrastructure, financial-insurance, and retail.
Under the MoU, the companies aim to build a solid partnership and create revenue from market opportunities using TIM Group’s fixed and mobile network.
However, the financial impact of the agreement is currently not determinable, with direct revenue determined by how successful the parties are.
Vection Managing Director Gianmarco Biagi said this initial agreement is advancing the company’s Italian strategy.
“Combining our advanced knowledge in real-time, virtual and augmented reality solutions with Olivetti’s consolidated IoT experience and market presence in
businesses and government bodies,” he said.
Olivetti CEO Roberto Tundo is also pleased with the new partnership.
“Through this memorandum of understanding, we are aiming to pool together our respective innovative skills to develop a commercial offer that is able to express tangible value for each of Olivetti’s various vertical markets,” Roberto said.
“In this way, we are broadening the solutions Olivetti currently provides to support businesses and government bodies in their digital transformation process, repositioning Olivetti at the forefront of cutting-edge technology,” he added.
On the market today, Vection is steady and trading for 11.5 cents per share at 11:29 am AEDT.