Why the Vection (ASX:VR1) share price is lifting today

The Vection Technologies Ltd (ASX: VR1) share price is lifting today after announcing its collaboration agreement with HP Inc (HP).
The post Why the Vection (ASX:VR1) share price is lifting today appeared first on The Motley Fool Australia. –

A happy woman raises her face in celebration, indicating positive share price movement on the ASX

The Vection Technologies Ltd (ASX: VR1) share price is up 4.17 at 12.5 cents in early trade today. This comes after the company announced that it will begin collaborating with global information technology company, HP Inc (HP).

The Vection share price closed last Friday at 12 cents in the weak sentiment of the ASX market. Previously, shares in the real-time software company were sitting at a 2-week high of 13.5 cents.

What did Vection announce?

In this morning’s release, Vection advised it has started an original equipment manufacturer (OEM) agreement with HP.

Under the deal, both companies will seek to create virtual reality (VR) integrated solutions to be delivered across 170 countries. The service agreement will be executed using Vection’s VR software and HP’s VR hardware expertise, while tapping into HP’s expansive global network.

While Vection did not reveal financial information on the OEM agreement, it expects revenue to be material. It noted that successful marketing and sales initiatives by both companies would lead to “positive revenue generation”.

What did management say?

HP’s United States business development manager Matt Gaiser welcomed the partnership, saying:

We are glad to welcome Vection Technologies and Mindesk in our OEM Program. Working together will help Vection to provide an integrated hardware and software service to enterprise customers. Vection’s products can leverage Z by HP workstations and VR devices to foster professional CAD development and accelerate go-to-market time across many industries.

Vection technologies director Gabriele Sorrento added:

Working with HP is another key step in the commercial network development strategy aimed at supporting Vection’s growth. Being HP OEM partners means for us being able to manage and deliver hardware and software bundles globally. This agreement represents a long step forward for our commercial operation structure.

About the Vection share price

The Vection share price has surged higher in the past 12 months, bringing gains of 380% for investors.

The company’s shares hit a low of 1.5 cents in last year’s March coronavirus meltdown, before gradually moving upwards in the months following. In September, its shares rocketed from 6 cents to reach a 52-week high of 24 cents in October.

The Vection share price has stabilised around the 12 to 13 cent mark. Based on the current share price, Vection has a market capitalisation of around $115 million.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Vection (ASX:VR1) share price is lifting today appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!