TIDMLEG
RNS Number : 1106J
Legendary Investments PLC
28 March 2018
28 March 2018
Legendary Investments PLC
("Legendary" or the "Company")
Virtualstock Holdings Limited ("Virtualstock") partners up with
Previse Ltd ("Previse") to deliver seamless 'purchase to pay'
supply chain model with cash-on-delivery for suppliers
Legendary is pleased to announce that its investee company,
Virtualstock has partnered with Previse, the Artificial
Intelligence based instant supplier payment decision company, to
deliver a fully integrated purchase to pay supply chain system with
cash on delivery for suppliers in the UK.
The two British supply chain technology companies will enable
clients to merge their accounts payable and procurement functions
seamlessly, enabling suppliers to get cash-on-delivery. Buyers will
now be able to manage their catalogues, contract pricing, inventory
and purchases as well as track deliveries through Virtualstock's
The Edge(TM) platform, while also ensuring their suppliers are paid
instantly with Previse's advanced machine learning technology and
network of readily available funding.
Virtualstock has a partnership with NHS Shared Business Services
and The Edge(TM) platform is used by some of the UK's leading
retailers, including Tesco, John Lewis and Argos. Supply chains are
becoming ever more complex, with more products than ever being
moved faster than ever. This requires seamless real-time data
exchange between large organisations and their suppliers, such as
that provided through The Edge(TM) .
Previse's artificial intelligence will utilise the rich seam of
real-time data on The Edge(TM) platform to facilitate instant
payment from participating buyers to their suppliers as soon as an
invoice is issued. With its ability to instantly and accurately
score the risk level of each invoice, Previse's technology will
also reduce the costs of back office administration for buyers by
allowing them to focus on the invoices which are most likely to
require human attention.
David Brown, Chief Product Officer at Previse, said:
"Finally, the business to business purchasing landscape is
beginning to look like the world of consumer payments that we all
enjoy in our daily lives. Through this partnership, companies will
be able to see what they've bought and where it is in real time,
while suppliers will instantly receive payment for delivering their
goods. This is how transactions between businesses should be in the
21st century, fast and efficient from procurement to payment.
Through the expert channelling and analysis of data which our two
companies provide, that can now be a reality for businesses
globally."
Andrew Mills, CEO and Chairman at Virtualstock, said:
"Our aim is to enable frictionless commerce between B2B buyers
and suppliers. When we came across Previse's unique model, we
instantly saw the synergies with The Edge(TM) and the clear
benefits for our clients. Now, for the first time, the buyers who
use our platform can enable all their suppliers, even the smallest
SME they work with, to be paid instantly. The combination of The
Edge(TM) and Previse is a powerful and highly disruptive
proposition, and will be a key partnership as we look to expand
together into new markets over the coming years"
Zafar Karim, Executive Chairman of Legendary, said:
"We are delighted at this development. Virtualstock's ability to
provide seamless real-time data exchange between disparate systems
has been and is being successfully applied in supply chains of the
retail and health sectors. With this partnership with Previse,
Virtualstock is connecting to the key, fast growing areas of
Artificial Intelligence and Fintech thereby further increasing the
sector-wide applicability and value add of Virtualstock. The
partnership will be key to opening up new markets for Virtualstock
in the coming years.'"
- ENDS -
Legendary Investments Zafar Karim / Thomas
PLC Reuner 020 8201 3536
Grant Thornton UK Colin Aaronson / Harrison
LLP Clarke 020 7383 5100
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
About Previse
Previse uses artificial intelligence to give large corporates
the tools and incentives to have their suppliers paid instantly on
receipt of invoice, in a genuine win/win, and without requiring
process changes. Previse's scalable artificial intelligence
technology flips the standard model of supply chain finance on its
head. The true risk in the payments chain is the small number of
problematic invoices which won't get paid, not the credit risk of
SME suppliers. Previse's algorithms allow the risk to be
identified, measured and controlled. Funding can then be extended
to the suppliers instantly, pre-invoice-approval, without having to
wait for the buyer's approval of the invoice.
Previse was founded in 2016 by a team of world-class experts in
trade finance, artificial intelligence and enterprise
technology.
www.previ.se
About Virtualstock
Virtualstock is a leading, British SaaS company that is
transforming global enterprise supply chains and marketplaces. Its
game-changing product, The Edge(TM), has been successful in
delivering supply chain optimisation for leading retailers, the
NHS, suppliers and, ultimately, their customers. The Edge(TM)
delivers best-in-class eProcurement functionality, including a
consumer-style B2B marketplace, full procure-to-pay (P2P), product
information management (PIM), catalogue management, order
management, inventory and stock management, e-invoicing, track and
trace, and analytics. The platform includes a GS1 certified Product
Information Management (PIM) module.
www.virtualstock.co.uk
About Legendary Investments PLC
Legendary Investments PLC is a proactive investment company that
focuses on making investments in and assisting companies which
exhibit the potential to generate returns of many multiples through
capital appreciation. Typically, Legendary invests in small
companies where there are clear catalysts for value appreciation
and the companies are operating in sectors exhibiting long term
growth. Examples of such sectors include technology, energy and
natural resources.
www.leginvest.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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