A crucial aspect of the agreement is the value-based business model where the success of Vidhance is also tied to the success of the final product, which also opens up for long term recurring revenue.
"I am very happy to embark on this journey together with RealWear. We see great potential in our combined technology, and our strategies for addressing this market are fully aligned," says Nils Hulth, CEO of Vidhance. "The complementary skills of the two companies open up opportunities for new solutions that would not otherwise be possible."
Due to the nature of the collaboration and the value-based business model the revenue will be determined based on our joint success over the next few years, with a low minimum revenue. However, the deal marks a strategic milestone for Vidhance's long term objective to increase recurring revenue and to offer expert services to our customers. This is especially important within the Professional business unit.
"The video stabilization technology developed by Vidhance and adapted for use in the RealWear portfolio offers a best in class viewing experience for all camera-based remote collaboration scenarios, where stability, situational awareness and focus on the subject matter are paramount", says Dr. Chris Parkinson CEO of RealWear, "The Vidhance technology is an essential and differentiating technology and we are very happy to be working even more closely with this new agreement."
Vidhance and RealWear already have joint products on the market with the leading video stabilization from Vidhance. This new collaboration adds new products specifically developed for remote workers.
"RealWear and Vidhance both see an untapped potential within the market for remote workers, combining RealWear's great hardware platform with our cutting-edge software will help us unleash that potential" says Niclas Elvgren, VP Sales of Vidhance. "This deal strengthens my belief that our Professional business unit is on the right track".