SAN JOSE, Calif., Jan. 20, 2022 (GLOBE NEWSWIRE) -- Visionaize, Inc., the intelligence-led digital twin company, today announced the acquisition of INOVX Solutions, Inc., the digital twin innovator and creator of the V-Suite. The acquisition of INOVX opens new market opportunities to deliver Visionaize Visual Data Discovery, and Visionaize Industrial Meta Verse with V-Suite capabilities to a broad set of customers. Additionally, it enables Visionaize to further productize and scale its expertise and front-line intelligence as part of the Visionaize Digital Twin platform. The transaction closed on Sept. 13, 2021, for an undisclosed amount in cash and stock.
Digital Twin technology is a virtual 3-D representation that serves as a real-time digital counterpart of a physical object or asset. The digitally mirrored asset mimics its analog characteristics to provide insights into how it could be operated in a much more effective way. The Digital Twin global market size is projected to reach $48 billion (USD) in 2026, with the top three growth industries Energy & Utilities, Healthcare, and Manufacturing, according to the independent market research leader Markets and Markets.
The INOVX V-Suite is a contextualized 3-D asset visualization engine that accelerates digital transformation by facilitating near-real-time business decision-making using the end-to-end visual asset integration of complex business processes, such as inspection, maintenance, governance, and outage management. This technology will become a key part of the Visionaize Digital Twin platform, bringing vendor-agnostic V-Suite that integrates with and enhances any customer environment. Further, the combination of cloud-based 3-D visualization models will be used in the Visionaize Digital Twin, providing advanced integration with systems of records for customers, while improving real-time business consumption and real-time decision-making process for Visionaize Consume customers.
"With Visionaize Digital Twin position on the market, we know that we have the most comprehensive, AI-based solution for digital transformation customers worldwide. INOVX V-Suite productizes integrations to enterprise systems of record to deliver faster outcomes and empower more customers with better real-time decision-making process," said Vikas Agrawal, Visionaize Chief Executive Officer. "This creates a learning system with new capabilities that will enable us to expand our Visionaize Digital Twin portfolio and enriches the product with enterprise automation capabilities of risk awareness, unified asset centric data access in real-time, reduces outages, and improves customer satisfaction."
The INOVX V-Suite rapidly creates and consolidates accurate 3-D models with asset information and integrates with the leading business applications to contextualize data and optimize asset management processes and improve real-time business decision making capabilities for digital transformation leaders. Using a proprietary and extensible 3-D platform, the INOVX V-Suite delivers 'out-of-the-box' solutions for asset inspection, operation and maintenance, which enhances risk awareness and improves remote collaboration and decision making without the expensive engineering and professional services required to achieve inferior results. The combination of INOVX's V-Suite capabilities with Visionaize Digital Twin will enable customers to accelerate their digital transformation journey and provide enterprise decision making capabilities in real-time that would result in generation of new revenue streams, while improving profitability.
"Customers rely on our V-Suite to consolidate and contextualize asset information, which lowers cost on critical reliability activities, such as risk-based inspection (RBI), while improving insight and decreasing the risks of managing complex heterogeneous asset-rich enterprises for far less cost than existing processes and tools, "said David Reinhart, INOVX President, and Co-Founder. "Now coupled with Visionaize world-class Digital Twin Consume, and intelligent process automation, customers can be confident the most up-to-date and comprehensive digital twin solution will address most ambitious digital transformation objectives. This results in increase of response time, and fix rates, prediction of the events of interest, prescription of business actions in real-time, and ultimately reduction of risk, all while improving safety, lowering costs and improving business health."
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the expectations, beliefs, plans, intentions and strategies of Visionaize relating to Visionaize acquisition of INOVX Software; the capabilities and benefits of INOVX Software solutions; expected benefits to Visionaize, INOVX Software and their respective customers; future offerings; and the financial impact of the acquisition on Visionaize.
These forward-looking statements involve risks and uncertainties, as well as assumptions which, if they do not fully materialize or prove incorrect, could cause Visionaize results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause Visionaize results to differ materially from those expressed or implied by such forward-looking statements include the failure to achieve expected synergies and efficiencies of operations between Visionaize and INOVX Software; the ability of Visionaize and INOVX Software to successfully integrate their respective market opportunities, technology, products, personnel and operations; the failure to timely develop and achieve market acceptance of combined products and services; Visionaize ability to anticipate market needs or develop new or enhanced products and services to meet those needs; Visionaize ability to hire and retain key executives and employees; Visionaize ability to attract new and retain existing customers and train its sales force; the impact of the COVID-19 pandemic on Visionaize business, results of operations, liquidity and capital resources; the budgeting cycles, seasonal buying patterns and length of Visionaize sales cycle; risks associated with new offerings; sales and marketing execution risks; the ability of Visionaize and its partners to execute their strategies, plans, objectives and expected investments with respect to Visionaize partnerships; and general market, political, economic, and business conditions, as well as those risks and uncertainties included under the captions "Risk Factors".
All forward-looking statements in this press release are based on information available to the company as of the date hereof, and Visionaize does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. Any future product, service, feature, or related specification that may be referenced in this release is for informational purposes only and is not a commitment to deliver any offering, technology or enhancement. Visionaize reserves the right to modify future product or service plans at any time.
About Visionaize, Inc.
Visionaize is the intelligence-led digital twin company. Visionaize offers a single platform that blends innovative digital twin technologies, artificial intelligence, machine learning, intelligent process automation, virtual reality, augmented realty, and world-renowned technology consulting. With this approach, Visionaize eliminates the complexity and burden of digital transformation for organizations struggling to prepare for, predict, and prescribe real-time business actions, based on intelligence. Visionaize has over 200 customers across 15 countries.
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