NetSol Technologies, Inc. (Nasdaq:NTWK), a global business services and enterprise application solutions provider, today announced it has signed a collaboration agreement to provide technology services to eeGeo, an interactive 3D mapping company based in the United Kingdom. Under the collaboration agreement, NetSol will provide services to eeGeo of approximately $2.8 million over time. In addition, the companies entered into a stock purchase agreement, under which NetSol will invest $556,000, with an additional $556,000 in August 2016. In total, through both agreements NetSol will own approximately 15% of eeGeo on a fully diluted basis.
The eeGeo platform, which has already been experienced by millions of end-users around the world, enables businesses to easily visualize complex data sets and location-based services in a 3D mobile experience. The platform is used by companies, including Cisco and NTT DoCoMo, to deliver engaging, compelling and differentiated 3D map experiences for both interior and exterior locations.
“This is an opportunity to partner with a transformative company and grow a new revenue stream by collaborating on eeGeo’s disruptive product roadmap,” said Najeeb Ghauri, CEO of NetSol. “At NetSol we have an immense pool of talented software engineers working on developing cutting edge solutions for our industry vertical. This partnership was born out of a shared confidence that this same talent pool could accelerate eeGeo’s product vision. We look forward to working with eeGeo as they continue to grow their business.”
eeGeo currently has mapped the U.S., Britain, Canada and Japan, and a host of iconic cities around the world, and has helped clients within the facilities management, travel, tourism, local media and advertising sectors successfully launch applications to better visualize data, increase engagement with customers and differentiate brands.
“Our two companies share similar values of developing transformative technologies in our respective industries,” said Ian Hetherington, CEO of eeGeo. “Partnering with NetSol allows us to leverage their pool of highly skilled technology professionals, as we execute on our growth objectives to becoming a global leader in interior 3D mapping technologies.”