Amax buys VR tech business

Amax International Holdings has acquired an AR/VR technology business for HK$63.5 million (US$8.1 million), according to the company’s filing to the HKEx.

The target company, Explicitly Grand Investment Ltd, is engaged in the development of innovative intellectual properties and technological solutions, mobile apps development and the provision of IT solutions to clients and mobile users across the globe.

Its services are catered to corporate clients involved in AR mobile apps; VR entertainment platforms; AR/ VR Apps for education, training and e-learning; and character design, 3D modelling and animations, said the company.

Amax says the acquisition would enable the group to equip with the latest AR/VR technologies and research capabilities, and in the long run, expand the group’s entertainment business in the AR/VR apps and entertainment platforms.

“In addition, the Acquisition enables the company to expand its business to the simulation casino gambling with AR/VR technology,” said the company.