The Harvest Technology share price closed yesterday's session at 33 cents.

Let's take a closer look at the company's announcement. 

Acquisition underway 

Harvest Technology announced today it has signed a binding term sheet to acquire US-based SnapSupport Inc., a software as a service (SaaS) provider.  

The company also said it will accelerate its strategic swing towards a SaaS business model.

SnapSupport works to help remote field workers during equipment failures. It provides real-time visual and augmented-reality-enabled support to help fix issues quickly.

According to Harvest Technology's release, SnapSupport's business model fits well with its own. Harvest Technology provides connectivity solutions for the energy, resources and renewable sectors. 

The deal on the table is for the company to pay approximately $2.59 million worth of Harvest Technology shares, paid over two instalments, to acquire SnapSupport. Half will be paid on completion of the acquisition, the other half will be due 12 months later.

The acquisition deal hangs on some key terms – due diligence, a purchase agreement, and an employment agreement for a key employee.

Commentary from management

Harvest Technology's managing director Paul Guilfoyle commented on the potential acquisition, saying:

The acquisition of SnapSupport, who have commercially viable solutions that are already supporting largescale global customers with over 900 active users at any one time, will provide us with a fast and cost-effective pathway to speed-up the global rollout of our SaaS business model.

The SnapSupport mobile platform is proven, fit-for-purpose and can quickly and efficiently harness the advantages of our own Industrial Grade Connectivity capability.

Harvest Technology share price snapshot

The Harvest Technology share price has been performing well on the ASX lately.

Currently, it is up 6% year to date. It's also up by 175% over the last 12 months.

Harvest Technology has a market capitalisation of around $162 million, with approximately 493 million shares outstanding.

The post The Harvest Technology (ASX:HTG) share price is on watch. Here's why appeared first on The Motley Fool Australia.

In comparison, the All Ordinaries Index (ASX: XAO) is down 1% to 6,883 points.

What's driving the Harvest share price?

The Harvest share price is climbing higher following news of the company's strategic partnership with Iristick.

Based in Belgium, Iristick is a technology company focused on creating smart safety glasses for frontline and field workers. The wearables include a variety features such as dual cameras, zoom lenses, barcode scanners, voice commands, and more.

These allow a user wearing the smart glasses to receive real-time feedback from a remote expert. Potential applications include for surgeons performing operations on patients, or quality assurance personnel completing remote factory acceptance tests.

Under the agreement, Harvest will integrate its Infinity Nodestream and Wearwolf technology into Iristick's smart glasses.

Wearwolf is a software application version of the Infinity Nodestream encoding platform designed to run on wearable and smartphone devices. Wearwolf enables live, point-to-point video and communications at ultra-low bandwidths.

Successful prototype testing was conducted last month during which the Wearwolf application was combined with the Iristick software development kit. As a result, the smart glasses have commenced proof of concept trials before their launch some time in early 2021.

A proof-of-concept trial involves carrying out various tests and analyses to determine how a particular idea or concept can be turned into a commercial reality. 

Management commentary

Harvest managing director Mr Paul Guilfoyle commented on the strategic partnership, saying:

We are very excited to be involved in a relationship with Iristick and look forward to our joint opportunities in the future. The synergies between our two companies are synonymous with a motivation to deliver high-quality remote communications and assistance from anywhere in the world.

We have successfully proven our Wearwolf application on multiple wearable platforms and we are confident it can be quickly adapted for use across other wearable devices. Given the expected growth in the wearables market, we are forecasting more than a 1000 new Wearwolf licenses in 2021.

Addressable market opportunity

As the world's use of technology continues to evolve, the uptake of wearable devices is growing at a rapid pace.

According to a 'Global Smart Augmented Reality Glasses Industry' study in July last year, sales of wearables are projected to reach around 31.1 million units by 2027. This represents a compound annual growth rate (CAGR) of 104.6%.

More specifically, the uptake of simple assisted reality glasses are forecast to reach 12.3 million units in the same timeframe, signifying a 101.9% CAGR.

About the Harvest share price

The Harvest share price has been on a strong run over the past 12 months, rewarding shareholders with gains of over 420%.

The company's shares hit a 52-week low of 4.7 cents in January last year, before roaring to an all-time high of 40.5 cents in August.

At the current Harvest share price, the company has a market capitalisation of $152 million.

The post Why is the Harvest Technology (ASX:HTG) share price rising? appeared first on The Motley Fool Australia.

The following 4 ASX shares are all companies that have enjoyed significant growth this year. One of them may turn out to be the next Afterpay, but for others it may still be too early to tell.

Criteria for the next Afterpay

I believe Afterpay meets a few criteria that has enabled it to become such an explosive ASX share. 

First and foremost, it is pioneering a new field of commerce. In particular, it is disrupting the credit card model and modernising the layby model. Second, it meets a burning need. In this case, the need is a lack of disposable cash, an issue I feel relates to growing inequality. Third, it is a repeat mass consumer product.

Last, and for me the most interesting, is the strength and style of management. The Afterpay company founders are currently blitzkrieging the world in a land grab to establish leadership in important markets like the United Kingdom, the United States and Europe. So, on that note, here are 4 ASX shares I investigated as possibly becoming the next Afterpay.

Harvest Technology Group Ltd (ASX: HTG)

This company has developed a range of products to enable secure communications for enriched and real time data, requiring significantly less bandwidth. The technology is industry agnostic and is adaptable for remote workers as well as to sensors, video feeds, and many other applications. Under the company's new chair, this was the first time it had achieved annual revenues in excess of $10 million.

Since 23 March, the Harvest Technology share price has risen 275%. I believe the company is definitely filling a need and has uncompromising, experienced management. However, I still don't think it exactly qualifies as the next Afterpay.

Vection Technologies Ltd (ASX: VR1)

This company has built a technology, FrameS, that allows people to engage with 3-dimensional models in virtual reality. It takes previously created models from software such as CAD or others and provides an immersive experience for up to six remote users. Applications include interior design, design review of industrial projects, exhibiting products remotely, and even training.

Since 23 March, the Vection share price has risen 750%. Again, this company is filling a need and, to me, appears to be a front runner as another possible Afterpay . 

MyFiziq Ltd (ASX: MYQ)

This ASX share has been one of the great success stories of the year. The MyFiziq share price has risen by 1,568.75% since 23 March. An investment here at the low point in the market would have returned far more than an investment in Afterpay at the same time. 

The company has built a technology that accurately measures body circumferences from photos. Integrating with partner apps, it is already revolutionising the online clothes shopping sector by helping to eliminate or reduce the incidence of returns. Further applications include evaluation of diet and exercise results, as well as body fat percentage calculations.

Foolish takeaway

Although I believe all of these small caps are worthy growth shares, I feel MyFiziq has the highest potential of becoming the next Afterpay. This is primarily due to the current existing demand and potential for repeat, mass consumer use.

The post 3 ASX shares I think could be the next Afterpay (ASX:APT) appeared first on The Motley Fool Australia.

In morning trade, the Harvest share price reached as high as 37 cents, but has since retreated to close 4.17% lower at 34 cents.

What does Harvest do?

Harvest Technology develops end-to-end customised technology solutions. The company specialises in hardware and software solutions that encode multiple video, audio and synchronised data channels over satellite communications.

Harvest's product suite includes secure, low bandwidth, real-time content that is accessible from anywhere in the world.

The company has aggressively pursued high revenue opportunities in growth industries. Key markets such as defence, airline, space, remote-land based communities and emergency communications are all within Harvest's scope.

What is the global marketing alliance

The market alliance is a trilateral partnership for ultra-low bandwidth remote monitoring solutions.

Harvest's partners include Inmarsat Enterprise and Applied Satellite Technology Group (AST), both world leaders in satellite communications.

The new alliance will provide Harvest access to satellite communications infrastructure. This will enable the transmission of high-quality synchronised video and audio over ultra-low bandwidth. In turn, the company will be able to remotely monitor assets, coordinate site surveys and conduct maintenance operations.

Harvest noted the alliance would benefit sectors such as resources, energy and utilities as a result of COVID-19. This was because the pandemic had placed restrictions on personnel and created sustainability challenges.

Harvest also said remote customers could be connected live back to base, thus relieving pressure to maintain infrastructure while safeguarding workers.

A welcome partnership

Harvest managing director Paul Guilfoyle welcomed the alliance, saying:

We are beyond thrilled to work with Inmarsat and AST to further strengthen the global reach of ultra-low- bandwidth remote communications.

This alliance will not only allow for the implementation of existing technology but will further fuel innovation for future cutting-edge communication initiatives.

AST managing director Gregory Darling added:

AST is delighted to partner with Harvest and Inmarsat to provide real-time video and audio solutions cost effectively through our secure global INTEGRA network from anywhere in the world.

The partnership supports our vision to continuously empower our customers with dependable solutions that improve their operational efficiency, reduce their health and safety risk and minimise their carbon footprint.

Inmarsat sector development director Steven Tompkins also welcomed the partnership. He said:

By developing a wearable solution that supports our High Data Rate (HDR) streaming capabilities across a low-bandwidth connection, Harvest is facilitating highly efficient, safe, cost-effective and sustainable site surveys of pipelines and valuable assets across industrial sites in remote areas around the world.

We are excited about the huge potential of this agreement and how it will change the way industrial professionals communicate and collaborate, no matter where they are located.

The post Why the Harvest (ASX:HTG) share price has fallen 4% today appeared first on The Motley Fool Australia.