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Acquisition of assets at subsidiary QReal to force Glimpse’s synthetic intelligence (AI), facial popularity and virtual testing capabilities, while adding new consumers in the retail and good-looking sectors.
NEW YORK, NY / ACCESSWIRE / June 1, 2022 / The Glimpse Group, Inc. (“Glimpse”) (NASDAQ: VRAR) (FSE: 9DR), a diversified virtual truth (“VR”) and augmented truth (“AR”) corporate platform offering enterprise-focused VR and AR software and service solutions, announced that its wholly owned subsidiary QReal, LLC has acquired the assets of PulpoAR (“PulpoAR”), a Turkey-based e-commerce company offering virtual testing: in responses aimed primarily at the Beauty and Retail markets.
PulpoAR (www. pulpoar. com) creates easy-to-deploy and scalable Ar Software-as-a-Service (SaaS) add-ons for e-commerce platforms and virtual signage displays. It has around 40 software developers in Turkey, with generation functions and has developed a library of more than 10,000 virtual assets. PulpoAR was established in 2020 and generates high-margin profits on a recurring SaaS basis. Clients come with Sephora (Turkey), Estee Lauder (Turkey), Watsons (Turkey), OBoticario (Brazil), Carter Beauty (Ireland) and Baccarose (India). As good-looking brands struggle to increase their online conversion rate, ROI, and customer engagement, PulpoAR’s omnichannel virtual test responses, which apply to facial makeup, nail color, hair color, and AI-powered mask research— allows customers to see products anywhere, anytime. This has been shown to increase average cart conversion rates while lowering prices similarly to wasting check resources to increase ROI.
Link to video: https://vimeo. com/708388154
The acquisition was structured as an asset acquisition through Glimpse’s wholly-owned subsidiary, QReal (www. qreal. io), and no liability is assumed. The transaction is primarily stock-based and consists of an initial nominally dilutive issue of non-unusual shares (a) and a one-time nominal money payment. Potential long-term feature invoices are subject to significant annual earnings expansion milestones through December 31, 2024, are based almost entirely on stock, and are valued at the time of issuance (with a floor factor value of $7. 00/share, aligned with all glimpse acquisitions following its IPO on July 1, 2021).
PulpoAR founders Onur Candan, founder and CEO, Rayan Godoi CRO and Bugrahan Bayat CTO, will continue to lead PulpoAR under QReal. Its operations will be incorporated into those of Glimpse Turkey, which will make Glimpse Turkey have more than one hundred employees. Onur is an Entrepreneur of a generation with more than 10 years of experience in the creation of virtual events for brands. Prior to co-founding PulpoAR, he co-founded Visionteractive, a company specializing in creating virtual events that use robotics and custom devices to bridge the gap between the Internet and real-world worlds.
Mr. Candan commented, “Glimpse has built an ordinary, large-scale AR and VR ecosystem, with massive benefits for its underlying subsidiaries. We believe that by joining forces, we can focus on our core business, particularly driving our growth, expanding our market presence and strengthening our capabilities. “
Mike Cadoux, CEO of QReal, said: “We plan to integrate PulpoAR’s functions into ours and leverage our relationships with some of the world’s leading social media corporations to introduce those advanced value-added technologies, which in turn can drive primary growth. In addition, the synergies with Glimpse Turkey’s operations and the Wider Glimpse ecosystem are very compelling. “
Lyron Bentovim, President and CEO of Glimpse, concluded: “Over the past two years, PulpoAR has impressively established best-in-class virtual test generation and demonstrated its SaaS responses among leading brands in the good-looking segment, with over 20 visitor relationships. . and several key strategic partnerships. Its generation is cutting edge, greatly complements Glimpse’s generation stack and capabilities, and expands our competitive merit, especially in the critical AI and symbol recognition spaces, which are needed and will be used in Glimpse’s subsidiaries in AR and VR applications. We are pleased to welcome Onur, Rayan, Bugrahan and the entire PulpoAR team to our developing ecosystem.
About PulpoAR
PulpoAR is an augmented grocery shopping company that offers omnichannel virtual testing that responds to traditional AR and AI technologies for attractive brands. We provide our consumers with easy-to-integrate add-ons for mobile and Internet application-based platforms, enabling fast and effortless integration at scale. Our responses allow for the traditionalization and adaptation of the AR experience to express audiences and needs. For more information, visit www. pulpoar. com
About QReal
QReal creates, distributes and manages photorealistic, realistic, three-dimensional and augmented truth (AR) content. This content is incorporated into social media campaigns and ecommerce platforms for the purpose of expanding sales, gaining better logo recognition, creating viral content, and boosting ecommerce conversion. Current industry verticals include: food, fashion, apparel, architecture, and automotive. QReal aims to expand AR support, make it enjoyable and manageable. For more information, make a stop at www. qreal. io
About Glimpse Group, Inc.
The Glimpse Group (NASDAQ: VRAR, FSE: 9DR) is a diversified virtual and augmented truth platform company, comprised of several VR and AR software and facilities corporations, and designed with the express goal of cultivating business in the emerging VR/AR industry. Glimpse’s unique business style simplifies the demanding situations faced by VR/AR corporations and creates a physically powerful ecosystem, while giving investors the opportunity to invest directly in the emerging VR/AR industry through a diversified platform. To learn more about Glimpse Group, please stop by www. theglimpsegroup. com
Safe Harbor Declaration
This news release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This press release contains certain forward-looking statements based on our existing expectations, forecasts and assumptions that involve dangers and uncertainties. The forward-looking statements contained in this press release are based on data provided to us as of the date hereof. Our actual effects may differ materially from those indicated or implied by those forward-looking statements, due to the dangers and uncertainties related to our business. Forward-looking statements come with statements about our expectations, beliefs, intentions or methods related to the long term and can be known through forward-looking words such as “anticipate”, “believe”, “see”, “could”, “estimate”. “. Array “expect”, “intend”, “possibly”, “should” and “could” or similar words. All forecasts provided by the control in this release are based on data available at the time and the control expects that internal projections and expectations are likely to be superseded over time In addition, the forecast is based entirely on control’s most productive estimate of our long-term money functionality given our existing contracts, existing pipeline of opportunities, and conversations with new and existing consumers. about our products and services. We do not assume any legal responsibility to update the data contained in this press release, whether as a result of new data, long-term occasions or otherwise.
Company Contact: Maydan RothblumFINANCman and Director The Glimpse Group, Inc. (917) 292-2685maydan@theglimpsegroup. com
Investor Relations:Mark Schwalenberg, CFADirectorMZ Group – Nord312-261-6430Glimpse@mzgroup. uswww. mzgroup. us America
SOURCE: The Glimpse Group, Inc.
See the edition in accesswire. com: https://www. accesswire. com/703445/The-Glimpse-Group-Acquires-PulpoAR-an-Augmented-Reality-SaaS-Company-Providing-Artificial-Intelligence-Based-Virtual – Test Technology