Hi-Target forked out $33 billion for Xi’an Lingjing Technology Co., Ltd, in a deal that transformed the company that successfully promotes RTK production localization implementation and occupies the leading status in China into a company moving to smart tourism with VR, AR, holographic projection, dark riding, venues projection and multimedia display integrated technology.
The acquisition, announced on August, is a reflection of Hi-Target desire to get a niche from traditional tourism market by enhancing 2.5D, 3D, street, holographic map, high-precision map, VR and AR technology of Lingjing Technology with Hi-Target’s geospatial data, 3D laser mapping and high precision positioning technology.
Buying Xi’an Lingjing Technology also represents a major escalation in the company’s long-running battle with other competitors.
Hi-Target directly take part in the smart tourism completion, a potential market in which applications of satellite navigation and geographic information technology will be widely used. A number of areas of business of Hi-Target will benefit from the acquisition. The subsidiaries of Hi-Target, O.CN Network Technology Co., Ltd, Hi-cloud Technology Co., Ltd, Zhejiang Hi-Target Co., Ltd, StarCloud Technology Co., Ltd and other subsidiaries will involve in varying degrees in the smart tourism business chain.
“It is a great chance for Hi-Target to make the acquisition when traditional tourism is at the turning point. New rendering of smart tourism is an exploration for geospatial data technology.” said Jeff, a strategy consultant who worked with Hi-Target on its acquisition business.