Benzinga | Aug 16, 2021 12:14PM EDT

Glimpse Group Acquires Assets Of Australia-Based Auggd For Undisclosed Terms

* Virtual Reality and Augmented Reality platform company Glimpse Group Inc (NASDAQ:VRAR) acquired the assets of the Australian-based company Augmented Reality Investments Pty Ltd (Auggd).

* The transaction is equity-based and includes an initial nominally dilutive issuance of shares. The majority of future equity-based acquisition payments are subject to a revenue earn-out over the next three years.

* Auggd offers AR software and services to the AEC industry in Australia, Europe, and the US, helping visualize buildings, bridges, roads, and underground services at an accurate scale in their real-world environments.

* Matthias Krampe, Auggd's Head of Business Development at Auggd, will likely lead it as its GM under Glimpse.

* Auggd has historically been cash flow neutral-to-positive. The acquisition is likely to be immediately accretive to Glimpse.

* Glimpse held $13.7 million in cash and equivalents post its July 1 Nasdaq IPO.

* Price Action: VRAR shares traded higher by 2.05% at $8.46 on the last check Monday.