Snobal Signs Deal with Altaverse Technologies to Complete Canadian Public Listing
Australian technology company Snobal is an established VR enterprise Metaverse SaaS cloud provider. Snobal will use funds raised to accelerate product development and market growth, with a focus on North America, Europe and APAC regions.
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2022) - With the increase in remote and hybrid working and the challenge of remote collaboration and workplace training across a dispersed workforce, the last two years has seen growth in adoption by organisations of digital worktools including Virtual Reality (VR) based collaboration. Today, Altaverse Technologies Corp. announces that it has entered into a share exchange agreement with Snobal, an enterprise metaverse company, with a goal to complete a Canadian public listing on the NEO Exchange, Canada's tier 1 stock exchange for the innovation economy.
Founded in 2014, Snobal's VR workplace platform makes it easy for organisations to manage and scale their virtual workplaces from anywhere. The software enables organizations to provide their employees, customers or students with virtual workplaces where they can meet, discuss, present and collaborate in VR regardless of their physical locations.
The Company's customers include global companies across a diverse range of industries spanning education, maritime, manufacturing, engineering, telcos, professional services and firms, workplace training, energy and resources.
Snobal Co-founders Murray James and Ann Nolan will continue to serve as the core leadership team following the transaction, with a focus on accelerating the growth and global expansion of the Company, growing and strengthening the leadership team and furthering R&D and product development.
Snobal believes that its history as a self funded business working in enterprise VR has given it heightened commercial focus and adaptability. Through the transaction, the Company will be taking its first significant investment in nearly eight years to help continue to accelerate its growth globally.
"We set out to build a platform to make it easy for organisations to manage and scale VR experiences. This has naturally evolved over the years but our mission remains the same. Being nearly entirely self funded up until this year has meant that from the beginning we had to think and operate differently from venture-backed companies. We had to be efficient and tenacious. Our growth has been all about a focus on commercial acumen and efficiency of execution, which is something we are really proud of," said Murray James, Co-founder & CEO of Snobal.
"We've grown Snobal with our customers. They are our most important collaborators. But now, with a solid market validated product under our belts, and the heightened market appetite given the rapid adoption of remote and hybrid working, we felt it was time to take the reins off Snobal. The team behind Altaverse has the vision and opportunity, and we are excited to partner with them on this next stage of Snobal's journey," he said.
Altaverse director and partner of Altus Capital Partners, Zayn Kalyan, said, "It is uncommon to find a best-in-class enterprise software company working in VR that has achieved the success Snobal has to date with almost no external investment. Snobal has flown under the radar and impressed us in how it has consistently punched above its weight on the global stage since founding. We are excited to partner with the Company for this next phase of its growth."
The public listing is also expected to position the Company as one of the leading global technology companies working in the enterprise metaverse.
Snobal was founded in 2014 with a vision to make it easy for organisations to meet, collaborate and work together using VR/AR. Now, Snobal is the virtual workplace platform of choice for global organisations powering their virtual workplace from anywhere.
Snobal's enterprise platform enables organisations to easily create content, manage users and collaborate in virtual remote experiences. A key to Snobal's enterprise adoption is the company's philosophy of interoperability which is reflected through its stance on remaining device and software agnostic, available SDK and APIs.
For more information on Snobal, visit snobal.io
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About Altus Capital Partners
Altus Capital Partners is a venture finance and corporate advisory firm based in Vancouver, Canada, that partners with hyper-growth businesses. Altus has a track record of helping companies access both public and private venture capital in Canada, in a variety of market sectors, from blockchain and security software/hardware, mining to energy metals.
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Forward-Looking Statements Disclaimer
This press release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements, including statements respecting: the Transaction; the Company's public listing; the use of proceeds from the concurrent financing to be conducted; the functionality of the Company's platform; the Company's next phase of growth; the Company taking its first significant investment in nearly eight years; and the Company continuing to accelerate its growth globally. Although forward-looking statements contained in this press release are based upon what management of Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements may also be affected by risks and uncertainties in the business of the Company. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
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