VBT Software Inc. has made a new investment decision of 1 million dollars (approximately 27 million TL) within the framework of its growth strategy by participating in successful companies in different areas of the software ecosystem.
Founded in 2021 in Belgium by Bekir Dağ and Serhat Tanrıkut, Wodo Network is a company that develops web 3.0 technologies. The company offers the Wodo Platform, which enables businesses to quickly and seamlessly integrate web 3.0 products into their business. Wodo Gaming is the first product suite built on the unique capabilities of the Wodo Platform. With this product, game developers can add crypto payment system, NFT, in-game asset management capacity to their games. The founders of Wodo Network entered the Turkish market in April 2022 by establishing a company in Istanbul under the name WODO TEKNOLOJİ A.Ş. (internet address: wodo.io)
With the agreement made with the Wodo Network team, which wants to open its own projects to major markets globally, a new formation will take place. In this structuring, due to the ease of regulation, the company headquarters was chosen in the Canton of Zug, Switzerland. Zug is known as the "Crypto Valley" thanks to the startups it has hosted in the field of cryptocurrency and 'blockchain' in recent years. Many well-known new technology startups such as Xapo, Monetas, Velas, GrnGrid, Xterio have taken their place in the Crypto Valley.
In 2021, VBT Software established "VBT Europe AG" in Switzerland in partnership with Serrec AG, a software distributor in Switzerland, with 51% ownership. In order to speed things up for the new formation, the 49% share held by Serrec AG was purchased with a nominal value of CHF 49 thousand (approximately 1.5 million TL) and our share in this company reached 100%. Our subsidiary "VBT Europe AG" will be restructured and its new name will be ZENITHWAVES. All intellectual rights and products of WODO TEKNOLOJİ A.Ş. in Turkey will be put into this new company and all shares of this company will be taken over. Dubai based investment firm ZeithGeld FZE will invest 2 million dollars for 20% share and VBT Software will invest 1 million dollars for 10% share in ZENITHWAVES. Wodo Network's current partners Bekir Dağ and Serhat Tanrıkut will also hold a 70% stake. With these investments, Wodo Network will contribute to the development of blockchain, artificial intelligence-based products in business sectors such as finance, augmented reality (AR) and virtual reality (VR) and its vision of becoming a new generation technology company globally.
We hope that this investment will make a significant contribution to our Company in the future.
It is respectfully announced to our stakeholders.