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20-20 Technologies Increases its Market Share of Interactive Design Web Applications Through Strategic Acquisition of Icovia
Laval, Québec – January 31, 2008 – 20-20 Technologies Inc., today announced the acquisition of Icovia, provider of interactive, online space planning solutions for the home furnishings, real estate and interior design industry. This strategic acquisition increases 20-20’s market share of the increasingly popular world of online design with interactive tools and complements its own suite of 3D web applications called 20-20 Virtual Studio.
“20-20 acquired Icovia both because of its complementary product offering, and its expertise and success marketing technology products to the home furnishings industry. Icovia’s space planning solution is a platform we can build upon, extending the capabilities of the product to include 3D visualization,” said Jean Mignault, Co-Chairman of the Board for 20 20 Technologies and Chief Executive Officer.
The integration of the two technologies from each company has already yielded a new product – Icovia 3D, an interactive 3D space-planning tool, home furnishings retailers and manufacturers can use to extend their physical showrooms virtually and in 3D.
“Icovia is excited about the acquisition because it allows us to rapidly roll out new products and features that will help our customers market their products online,” said Steve Street, Chief Executive Officer of Icovia. “20-20’s 3D technology is particularly impressive. We evaluated all the 3D technologies currently available and found nothing as powerful, easy to use and feature rich as 20-20 Technologies. 20-20’s products extend far beyond online 3D space planning to a range of powerful products for design, specification, order processing and e-procurement and more,” he added.
The combination of Icovia’s knowledge of the home furnishings industry and 20-20’s proven expertise as the leading provider of interior design software solutions makes for an offering that is very attractive to home furnishings retailers and manufacturers. “Our clients can link their online planning tool to web analytics software, allowing them to gain valuable insight into consumer preferences, and measure the effectiveness of their marketing campaigns through user registration,” said Jean-Francois Grou, President and Chief Operating Officer of 20-20.
The premiere of Icovia 3D takes place at Las Vegas Market, a world-class showcasing venue for the home furnishings industry.
Icovia also offers tools for homebuilders and homebuyers, and tools for the real estate industry, which will be the subject of further announcements in the near future. After the transaction, 20-20 will hold 51% of Icovia, for a consideration of US$1.6 M, with management of Icovia holding the remaining 49%. Transaction is expected to close on or before February 15th, 2008.
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