Vidhance Signs Multi-Year Value-Based Contract with RealWear for Improved Video Solutions
Uppsala, Sweden, February 14, 2024. Vidhance AB (”Vidhance”) a global leader in video enhancement software for cameras in motion, announces a collaboration with RealWear Inc (”RealWear”), a global leader in hands-free, wearable computing solutions for frontline workers. Under the agreement Vidhance and RealWear will jointly bring new and improved video solutions for frontline workers to the market.
A crucial aspect of the agreement is the value-based business model where the success of Vidhance is also tied to the success of the final product, which also opens up for long term recurring revenue.
"I am very happy to embark on this journey together with RealWear. We see great potential in our combined technology, and our strategies for addressing this market are fully aligned," says Nils Hulth, CEO of Vidhance. "The complementary skills of the two companies open up opportunities for new solutions that would not otherwise be possible.”
Due to the nature of the collaboration and the value-based business model the revenue will be determined based on our joint success over the next few years, with a low minimum revenue. However, the deal marks a strategic milestone for Vidhance’s long term objective to increase recurring revenue and to offer expert services to our customers. This is especially important within the Professional business unit.
“The video stabilization technology developed by Vidhance and adapted for use in the RealWear portfolio offers a best in class viewing experience for all camera-based remote collaboration scenarios, where stability, situational awareness and focus on the subject matter are paramount”, says Dr. Chris Parkinson CEO of RealWear, “The Vidhance technology is an essential and differentiating technology and we are very happy to be working even more closely with this new agreement.”
Vidhance and RealWear already have joint products on the market with the leading video stabilization from Vidhance. This new collaboration adds new products specifically developed for remote workers.
“RealWear and Vidhance both see an untapped potential within the market for remote workers, combining RealWear’s great hardware platform with our cutting-edge software will help us unleash that potential” says Niclas Elvgren, VP Sales of Vidhance. “This deal strengthens my belief that our Professional business unit is on the right track”.
For more information, visit www.vidhance.com or contact:
Nils Hulth, CEO Vidhance AB (publ)
Phone: +46708108070
Email: nils.hulth@vidhance.com
About Vidhance AB
Vidhance is a Swedish software product company founded in 2007. Its goal is to become a world leader in optimizing and enhancing video, for example in real time directly from the camera or in live streams, in order to create added value for both the video consumer and the professional user. Vidhance's vision is to tear down technical barriers so that visual stories can be told and shared by everyone.
The Vidhance® product platform has been integrated and sold to international companies in a wide range of applications, from demanding defense and industrial applications to consumer electronics companies, primarily smartphone manufacturers. Vidhance today consists of a number of different and independent video enhancement features. Vidhance has offices in Uppsala and Shanghai, and is represented in other Asian countries through sales agents.
About RealWear Inc
RealWear, a global leader in hands-free, wearable computing solutions for frontline workers, was founded in 2016 and is headquartered in Vancouver, Washington, USA. With a vision of creating a world where every frontline worker is equipped to perform at their best, work safely, and take pride in the quality of their work, RealWear is on a mission to empower more than 2 billion frontline workers with the best technology solutions and support.
RealWear’s rugged, voice-operated product line has earned global recognition for revolutionizing the way frontline workers perform all tasks in challenging environments, while returning positive impact to the company and our environment. RealWear’s commitment to innovation and safety earned more than 22 prestigious innovation awards, including Best Head-worn device (Augmented World Expo) and Best Solution for Manufacturing and Automotive (XR Today). RealWear’s story has been featured in Wall Street Journal, CNBC, TechCrunch and hundreds of other media outlets.