LAKE MARY, FL — FARO® (NASDAQ: FARO), the world’s most trusted source for 3D measurement and imaging solutions for 3D factory, construction BIM, product design, and public safety forensics, today announced that it has made a strategic minority investment in present4D GmbH, a leading software solutions provider for professional virtual reality (VR) presentations and training environments.
“We are very excited to have present4D as a strategic partner, which is uniquely positioned to drive adoption of virtual reality solutions across a broad spectrum of business and industrial applications,” stated Dr. Simon Raab, President and CEO of FARO®. “This investment represents a unique opportunity for FARO and is an important part of our innovation strategy with VR tools and applications in our target vertical markets. The market potential for these powerful presentation and training tools, which can incorporate augmented 3D point cloud data, is very promising. We look forward to a very close and creative partnership of our development teams that we believe will be beneficial to FARO’s customers.”
“We are excited to partner with FARO to support our next phase of growth,” stated Markus Prenneis, founder and CEO of present4D. “FARO will bring significant value through its global network, as well as its software and industrial technology expertise. The investment proceeds will be used to make the necessary investments in software engineering and product development to accelerate the market penetration of our unique and powerful VR-Suite presentation software. The partnership brings us one step closer to our vision of providing one of the best business solutions for multimedia VR presentations and training environments in the market.”
present4D’s VR-Suite solution leverages 360° videos and 360° pictures to incorporate point of interest icons, links, audio and objects to provide an immersive VR experience for a variety of business applications. The intuitive concept and functionality of VR-Suite is complementary in combination with FARO’s VR-enabled solutions SCENE 7.1 and FARO Zone 3D 2018.
Reed Smith LLP with its offices in Frankfurt and Chicago acted as legal advisor to FARO on the transaction and present4D was advised by Hogan Lovells. Further details of the transaction were not disclosed.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, such as statements about demand for and customer acceptance of FARO’s products, and FARO’s product development and product launches. Statements that are not historical facts or that describe the Company’s plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as “is,” “will” and similar expressions or discussions of FARO’s plans or other intentions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements.
Factors that could cause actual results to differ materially from what is expressed or forecasted in such forward-looking statements include, but are not limited to:
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