Vuzix, a provider of smart glasses and augmented reality (AR) technology, has acquired Moviynt -- an SAP ERP software partner and mobile technology specialist. Financial terms of the deal were not disclosed.
This is technology M&A deal number 979 that ChannelE2E has covered so far in 2022. See more than 2,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.
Smart Glasses and Augmented Reality Meet Warehouse Logistics
Vuzix, founded in 1997, develops smart glasses and augmented reality (AR) technologies and products for defense, industrial and enterprise markets. The company has 120 employees listed on LinkedIn. Vuzix has offices in Rochester, New York; Oxford, United Kingdom; and Tokyo, Japan.
Moviynt, founded in 2016, is headquartered in Irving, Texas. The company has four employees listed on LinkedIn as of November 2022. Moviynt develops software that integrates with SAP and Oracle ERP platforms. The software supports handheld mobile phones and scanners used in logistics, warehousing and manufacturing applications.
Vuzix, armed with Moviynt, plans to expand "access and interaction between wearable and handheld devices" to improve "supply chain operations that are tied to ERP systems."
In a prepared statement, Vuzix President and CEO Paul Traver said:
"The acquisition of Moviynt bolsters Vuzix' portfolio of product offerings to now include a software solutions platform that can be integrated with other smart devices for warehousing and logistics, and one that we believe can be leveraged and adopted by end customers and ISVs/partners alike. Because the underlying technology and architecture of the solution does not contain any middleware, we believe the Moviynt platform could be a key enabler for Vuzix partners to enhance the adoption of mobility technology and wearables such as smart glasses. Our initial go to market strategy will be to expand the addressable market with targeted customer opportunities and to work closely with our key ISVs/partners to drive adoption of wearables and reach within warehousing and logistics."
Vuzix Expects Revenue Lift
Vuzix is a publicly held business. Total sales were $3.4 million in Q3 of 2022, up 14% from $3 million in Q3 of 2021. Vuzix had a net loss of $9.5 million in Q3 of 2022.
Vuzix expects the acquired business to drive low six-figure revenues in Q4 of 2022.
