• Vection Technologies’ (VR1) shares have spiked nearly 40 per cent in early trade after the company joined Facebooks’s Independent Software Vendors (ISV) program and launched a new version of Mindesk
• The aim of the program is to increase the uptake of virtual reality solutions built for Oculus products, a Facebook brand
• The program will also give Vection the option to collaborate with Oculus experts and enterprise developers, as well as access to resources
• Vection has also launched Mindesk 2020.4, a Network Multi-User Virtual Reality (VR) Computer-aided design (CAD) software
• Mindesk allows 3D models to be built, reviewed and presented in Virtual Reality
• While the company said the financial impact of both the software launch and joining Facebook’s ISV program is not yet known, it is expected to be material
• Vection shares are up 38.5 per cent, trading for 18 cents

Vection Technologies’ (VR1) shares have spiked nearly 40 per cent in early trade after the company joined Facebooks’s Independent Software Vendors (ISV) program and launched a new version of Mindesk.

The aim of the ISV program is to increase the uptake of virtual reality solutions built for Oculus products. Oculus is a Facebook brand which produces virtual reality headsets for video gaming.

The program will also give Vection the option to collaborate with Oculus experts and enterprise developers, as well as access to certain resources.

Vection Technologies Director and Mindesk CEO Gabriele Sorrento said the company is proud to be able to partner with Facebook Business to deliver joint solutions.

“After following the developments of Facebook Business platform since its announcement during Oculus Connect 6 in 2019, we can finally certify its full maturity. This technical and commercial platform is ready to support Vection’s enterprise solution growth,” he said.

Vection Technologies Managing Director Gianmarco Biagi said entry into the program also aligns with the company’s long-term strategy.

“We are pleased to join the Facebook ISV Program through our Mindesk North America division, representing our strong intention to establish a long-term presence in the United States market aligned with our six-months objectives,” Gianmarco stated.

“Following the COVID-19 outbreak during the first months of 2020, Vection Technologies has established a long-term strategy to support its continued Year on Year growth during the 2021 financial year, with strong initiatives to pursue long-term revenue generation, aligned with its commitment to reach 50 per cent annual recurring revenue by June 2022, coming to fruition during the second half of the current financial year,” he explained.

Mindesk 2020.4 launch

Vection has also launched Mindesk 2020.4, a network multi-user virtual reality (VR) computer-aided design (CAD) software.

Mindesk allows 3D models to be built, reviewed and presented in virtual reality.

While the company said the financial impact of both the software launch and joining Facebook’s ISV program is not yet known, it is expected to be material.

Vection shares are up 38.5 per cent, trading for 18 cents at 10:43 am AEDT.