SAN JOSE, Calif., Jan. 20, 2022 (GLOBE NEWSWIRE) — Visionaize, Inc., the intelligence-driven digital twins company, today announced the acquisition of INOVX Solutions, Inc., the innovator of digital twins and creator of the V-Suite. The acquisition of INOVX opens new market opportunities to provide Visionaize Visual Data Discovery and Visionaize Industrial Meta Verse with V-Suite capabilities to a wide range of customers. Additionally, it enables Visionaize to further produce and extend its frontline expertise and intelligence as part of the Visionaize Digital Twin platform. The transaction closed on September 13, 2021 for an undisclosed cash and stock amount.
Digital Twin technology is a virtual 3D representation that serves as a real-time digital counterpart of a physical object or asset. The digitally mirrored asset mimics its analog characteristics to give insight into how it could be used much more effectively. The global digital twin market size is expected to reach $48 billion (USD) in 2026, with the top three growth sectors of energy and utilities, healthcare and manufacturing, according to independent research leader market Markets and Markets.
INOVX V-Suite is a contextualized 3D asset visualization engine that accelerates digital transformation by facilitating near real-time business decision-making through end-to-end visual asset integration of complex business processes, such as inspection, maintenance, governance and fault management. This technology will become a key part of the Visionaize Digital Twin platform, bringing a vendor-neutral V-Suite that integrates and enhances any customer environment. Additionally, the combination of cloud-based 3D visualization models will be used in Visionaize Digital Twin, providing advanced integration with systems of record for customers, while improving real-time business consumption and the decision-making process. real-time decision for Visionaize Consume. clients.
“With Visionaize Digital Twin’s position in the market, we know we have the most comprehensive AI-based solution for digital transformation customers worldwide. INOVX V-Suite produces system integrations business registration to deliver faster results and empower more customers with better real-time decision-making processes,” said Vikas Agrawal, CEO of Visionaize. “It creates a learning system with new capabilities that will allow us to expand our Visionaize Digital Twin portfolio and enrich the product with risk awareness enterprise automation capabilities, unified access to real-time asset-centric data, reduce outages and improve customer satisfaction. “
INOVX V-Suite quickly creates and consolidates accurate 3D models with asset information and integrates with leading business applications to contextualize data, optimize asset management processes, and improve real-time business decision-making capabilities for leaders in digital transformation. Using a proprietary and extensible 3D platform, INOVX V-Suite provides “out-of-the-box” solutions for asset inspection, operation and maintenance, which improves risk awareness and improves collaboration and remote decision-making without the costly engineering and professional services required to achieve inferior results. Combining INOVX’s V-Suite capabilities with Visionaize Digital Twin will enable customers to accelerate their digital transformation journey and deliver real-time business decision-making capabilities that would result in the generation of new sources of revenues, while improving profitability.
“Customers rely on our V-Suite to consolidate and contextualize asset information, reducing the costs of critical reliability activities, such as risk-based inspection (RBI), while improving understanding and reducing the risks of managing complex, heterogeneous, asset-rich enterprises for long years. Less expensive than existing processes and tools,” said David Reinhart, President and Co-Founder of INOVX. “Now associated with the Digital Twin Consume Visionaize’s world-class technology and intelligent process automation, customers can be confident that the most up-to-date, comprehensive digital twin solution will meet even the most ambitious digital transformation goals. This results in increased response time and fixed rates, prediction of events of interest, prescription of business actions in real time and ultimately risk reduction, all while improving security, reducing costs and improving the health of the business. »
This press release contains forward-looking statements, including statements regarding Visionaize’s expectations, beliefs, plans, intentions and strategies regarding Visionaize’s acquisition of INOVX Software; the capabilities and benefits of INOVX software solutions; expected benefits for Visionaize, INOVX Software and their respective customers; future offers; and the financial impact of the acquisition on Visionaize.
These forward-looking statements involve risks and uncertainties and assumptions which, if not fully realized or prove incorrect, could cause Visionaize’s results to differ materially from those expressed or implied by such statements. prospective. The risks and uncertainties that could cause Visionaize’s results to differ materially from those expressed or implied by these forward-looking statements include the failure to realize the synergies and operating efficiencies expected between Visionaize and INOVX Software; the ability of Visionaize and INOVX Software to successfully integrate their respective market opportunities, technology, products, people and operations; failure to timely develop and achieve market acceptance of combined products and services; View the ability to anticipate market needs or develop new or improved products and services to meet those needs; Visionaize ability to hire and retain executives and key employees; Visualize its ability to attract new customers and retain existing customers and train its sales force; the impact of the COVID-19 pandemic on Visionaize’s business, results of operations, liquidity and capital resources; Visionaize’s budgeting cycles, seasonal buying patterns and sales cycle length; risks associated with new offerings; sales and marketing execution risks; the ability of Visionaize and its partners to execute their strategies, plans, objectives and planned investments with respect to Visionaize partnerships; and general market, political, economic and business conditions and risks and uncertainties included under the headings “Risk Factors”.
All forward-looking statements contained in this press release are based on information available to the company as of the date hereof, and Visionaize undertakes no obligation to update any forward-looking statements provided to reflect future events or circumstances. which exist after the date on which they were made, except as required by law. Any future related product, service, feature, or specification that may be referenced in this release is for informational purposes only and does not constitute a commitment to provide any offering, technology, or improvement. Visionaize reserves the right to modify future product or service plans at any time.
About Visionaize, Inc.
Visionaize is the intelligence-driven digital twin company. Visionaize offers a unique platform that combines innovative digital twin technologies, artificial intelligence, machine learning, intelligent process automation, virtual reality, augmented reality and world-renowned technology consulting. With this approach, Visionaize removes the complexity and burden of digital transformation for organizations that struggle to prepare, predict and prescribe real-time, intelligence-driven business actions. Visionaize has over 200 customers in 15 countries.
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