BIMobject and Hoylu sign Letter of Intent
Today, BIMobject AB (“BIMobject”) announces that a Letter of Intent has been signed with Hoylu AB (“Hoylu”), a Swedish presentation, collaboration, and ideation solutions developer. The Letter of Intent outlines the agreement between both companies to cooperate on the global architecture, engineering, and construction market in order to create synergies between the parties and their respective solutions.
The Letter of Intent describes the plan to carry out joint marketing activities and to research the integration of the parties’ respective technologies and applications sales. Both companies provide solutions for the global architecture, engineering, and construction industry: Hoylu offers innovative digital tools that allow for creative collaboration between large numbers of team members regardless of their location. BIMobject hosts the world’s largest platform for digital building products: the BIMobject® Cloud, which serves as a Single Source of Truth providing high-quality data to a number of connected applications.
BIMobject and Hoylu deem their respective offerings to complement each other. The parties therefore anticipate a synergy effect to result from joint showcasing and other marketing activities. The parties further intend to create a showroom in Malmö, Sweden, for shared use by both companies. The showroom will combine software and equipment from Hoylu with content as well as AR- and VR-technology provided by BIMobject into an interactive, collaborative space.
There are several connection points between the solutions offered by the two companies. BIMobject and Hoylu share an interest in exploring how the solutions can be used together. Such integration would, for instance, create environments where the user has access to BIMobject content from within a single, interactive workspace provided by Hoylu technology.
Since Hoylu offers applications of potential interest to BIMobject customers, the companies intend to research and evaluate the market in order to create a business model for integrated sales of those applications to users registered in the BIMobject® Cloud.
Each company will carry its own costs and expenses should they arise as a result of the cooperation. The potential revenue of the intended collaboration cannot be estimated at the present time. The Letter of Intent remains in effect until its termination by either party or until formal agreements take its place.
“The collaboration between BIMobject and Hoylu is a perfect extension of our respective businesses and solutions. Both companies are based in Sweden and listed on Nasdaq Stockholm First North, but also operate out of Los Angeles, California. I think both our points of view will enrich that global perspective”, says Stein Revelsby, CEO of Hoylu.
“When two companies like Hoylu and BIMobject join forces, the sky is the limit. Above all, we share a passion for innovation, and I can’t wait to see where that drive will take us”, says Stefan Larsson, CEO and founder of BIMobject.