Vection Technologies Limited (ASX:VR1) entered into an binding agreement to acquire Business of Invrsion S.r.l for ?4 million on June 7, 2023. The consideration payable by the Company at settlement is one performance right which converts into fully paid ordinary shares in VR1 subject to Matteo Esposito remaining employed until June 30, 2026 and The Performance Right will convert into a number of Shares that is equal to the lesser of 0.95 times the audited revenue for the Invrsion Business, as independently verified by the Company?s auditors for the financial year ending June 30, 2023, 2 times the AASB audited revenue for the Invrsion Business, as independently verified by the Company?s auditors for the financial year ending June 30, 2024, 2 times the AASB audited revenue for the Invrsion Business, as independently verified by the Company?s auditors for the financial year ending June 30, 2025; and 1.5 times the AASB audited revenue for the Invrsion Business, as independently verified by the Company?s auditors for the financial year ending June 30, 2026 and ?4 million divided by the greater and the volume weighted average price of the Shares traded in the 10-days prior to the day of the public lodgement to market of the Company?s consolidated audited accounts for each relevant period. This proposed acquisition enhances Vection Technologies? position as a leader in the integrated-extended reality (XR) technology space, providing customers with innovative XR solutions and unlocking new organic growth opportunities. Settlement of the acquisition is conditional upon the satisfaction of conditions precedent, including Management Agreements, Business plan, Business Transfer and Due diligence. Settlement of the acquisition will occur on or prior to July 31, 2023. Immediately value accretive acquisition delivering positive EBITDA and ?1.06 million in revenue, unlocking strong opportunities to drive further organic growth for the combined group.

Vection Technologies Limited (ASX:VR1) completed the acquisition of Business of Invrsion S.r.l on September 5, 2023.