Vection to Acquire Leading Australian archviz studio

PERTH,Australia,April 15,2021 -- ASX Listed,real-time software company Vection Technologies Ltd (ASX:VR1) has announced the proposed acquisition of leading Australian archviz studio,Blank Canvas Studios.

Vection Technologies plans to leverage Blank Canvas' real estate visualisation expertise to attract more mid-market customers as part of its broader global growth strategy to leverage its 3D,Virtual Reality (VR) and Augmented Reality (AR) product offerings in industry-specific verticals.

Founded in 2017,with studios in Perth and Sydney,Blank Canvas specialises in architectural visualisation through 3D imagery and 3D animation,partnering with some of Australia's leading residential and commercial developers,including Mirvac,Blackburne,Finbar,Mustera Property Group,Megara,Vicinity Centres,AMP Capital,Development Victoria and Dexus Wholesale Property Fund.

Through the acquisition of Blank Canvas,Vection extends its Architecture,Engineering,Construction (AEC) & Real Estate offerings with two important capabilities: the first being the ability to provide vertical-specific 3D rendering and visualisation services; the second to deliver Vection's cloud 3D,VR and AR applications directly to the Australasian real estate and architectural industries.

The purpose of this AEC & Real Estate vertically integrated acquisition is to deliver an industry leading product visualisation offering for architectural firms and property developers,made possible by Vection's cloud 3D,VR and AR technologies,which will augment Blank Canvas' existing product and service suite.

"We are thrilled to join Vection Technologies during this really important time in the evolution of architectural visualisation. We're seeing enormous change in the sector and leveraging Vection's AR and VR capabilities will allow us to remain at the forefront of the industry." Commented Paul Clayton,Managing Director of Blank Canvas. "For residential and commercial developers,it means that,beyond photorealistic 3D imagery and animation,we'll expand to web-based AR and VR customer experiences that are truly immersive,to support our clients' marketing and sales strategies. So,our ability to add both creative and commercial value to every project has now been greatly enhanced,which is really exciting."

"Entire industries are experiencing the transformational power of real-time 3D technologies,resulting in their complete re-imagination. In this context,Blank Canvas will enable Vection Technologies to deliver seamless,AEC and Real Estate industry-specific real-time 3D solutions,expanding our market penetration and network throughout Australia and globally." Commented Gianmarco Biagi,Managing Director of Vection Technologies."By leveraging our global infrastructure and market positioning,we believe that Blank Canvas can greatly improve its operating performance and margins with an expanded product breadth and scale,while representing the first foundational step in our Australasian growth plan. We are looking forward in accelerating our global Verticalization Strategy."

About Vection Technologies:

Vection Technologies Ltd (ASX:VR1) is a multinational software company that focuses on real-time technologies for industrial companies' digital transformation.

Through a combination of our 3D,Virtual Reality,Augmented Reality,Industrial IoT and CAD solutions,Vection Technologies helps companies and organisations to innovate,collaborate and create value.

For more information please visit the Company's websites:

vection.com.au

mindeskvr.com