ServTech Global Holdings, has signed its second lucrative agreement with Volvo Car Italy, bringing potential revenue growth of A$450,000.
Vection Augmented Reality software to be distributed across 63 dealerships to enhance the purchase experience within Volvo’s dealerships, engaging and educating prospective customers on Volvo’s mission to put people first and make every car safer for everyone.
ServTech Global Holdings Ltd (ServTech) a multinational software company that creates Virtual Reality and Augmented Reality (AR) solutions across multiple sectors,through its wholly owned subsidiary Vection Italy S.r (Vection) has signed a revenue generative AR Product and Software Agreement (Agreement) with global luxury automotive manufacturer Volvo Car Italia Spa (Volvo Car Italy).
The Agreement will generate A$270,000 in near term revenue from development and hardware, and up to A$180,000 in revenue over the following 2-years in subscriptions fees based on full adoption by Volvo’s Italian car dealership network.
The Agreement follows on from Vection signing an overarching framework agreement with Volvo in May 2019, under which Volvo evaluates the implementation of VR and AR solutions across its business verticals with an emphasis on Volvo’s marketing & sales endeavours.
Chiara Angeli, Sales & Marketing Director of Volvo Car Italy said, “Volvo Car Italia is focused on ensuring a unique and engaging purchase experience for its customers. Vection’s AR technology is the ideal solution for our car dealerships to showcase Volvo’s vehicles first-class safety features and our overarching mission to put people first and make every car safer for everyone.”
Gianmarco Biagi, Managing Director of ServTech said, “The Volvo framework agreement has been a pivotal step for the Company to engage in significant contracts such as this one, which enables the distribution of our AR software solutions to an initial subset of 63 Volvo car dealerships. The automotive industry represents the initial target market under the Company’s overarching global commercialisation strategy, and this agreement is pivotal in affirming ServTech as a global VR & AR software company.”