Vection Technologies (ASX:VR1) formed a strategic partnership with Connecticut-based CareAR to accelerate its entry into the US and European markets, according to a Thursday filing with the Australian bourse.
The collaboration will integrate their augmented reality and spatial computing offerings, with joint sales and marketing set to start immediately, the filing said.
The companies have also agreed on a reseller arrangement, a referral fee structure, co-branded marketing efforts, and a shared sales pipeline, the filing added.
Vection's 3DFrame, Enworks, and Algho products will be integrated into CareAR's CareAR assist and experience builder, offering real-time visual support and enhancing workflow efficiency, the company said.
The agreement is effective immediately, with a one-year term and annual renewals. Financial terms were not disclosed.
Vection Technologies' shares tumbled almost 10% in recent Thursday trade.
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