TORONTO, July 5, 2017 /CNW/ - First Global Data Ltd.
("First Global") (TSX-Venture: FGD, Frankfurt Stock Exchange: 1G5
), and AnalytixInsight Inc. ("AnalytixInsight") (TSX-Venture:
ALY) together announce they have signed a letter of intent
("LOI") to establish a strategic business relationship between the
companies (the "Parties")
The companies intend to work together on initiatives which
include:
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1.
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First Global will
white label its mobile payment app for use by
AnalytixInsight.
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2.
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AnalytixInsight will
leverage its partnerships with organizations such as Samsung and
Intesa Sanpaolo, to expand First Global's mobile payments services
across Europe and elsewhere as determined by the Parties in a
revenue sharing model. Intesa Sanpaolo - one of Italy's largest
banks with a market cap of over €45 billion - has shared ownership
in AnalytixInsight's subsidiary Marketwall. Under the
partnernership, Intesa Sanpaolo will migrate approximately 8
million mobile banking users in 8,000 retail branches to
Marketwall's mobile platform across five European countries, to
provide a range of mobile payment services.
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3.
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First Global to embed
the AnalytixInsight stock trading app in its mobile deployments in
India, and elsewhere as determined by the Parties. First Global has
a partnership with Vijaya Bank - one of India's nationalized banks
with over 2,000 branches - to deploy mobile payment services to
Vijaya Bank account holders.
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4.
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First Global
will introduce and offer AnalytixInsight's stock analytics services
to clients and partners in a per-transaction shared revenue
model.
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5.
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AnalytixInsight will
introduce and offer First Global's mobile wallet services to their
clients and partners in a per-transaction shared revenue
model.
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6.
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First Global's mobile
payment technology to be the exclusive mobile payment technology to
be used by AnalytixInsight.
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7.
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AnalytixInsight stock
analytics technology to be the exclusive stock analytics technology
to be used by First Global.
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"AnalytixInsight has incredible predictive analytics technology
and are deploying across Europe in
partnership with Samsung. We intend to provide these valuable
services to all of our strategic partners globally and to our
collective clients. We also look forward to working with
AnalytixInsight to expand the First Global mobile payment
deployments into Europe. This
strategic collaboration is mutually beneficial and will create
significant new per transaction revenue sharing opportunities for
both companies", commented Andre
Itwaru, First Global's Chairman and CEO.
"New FinTech offerings such as mobile-pay are quickly changing
the traditional models of how stocks are traded and money is
moved", commented Prakash Hariharan,
AnalytixInsight's Chairman and CEO. "We look forward to combining
our product offerings to rapidly increase user growth as we work
with our strategic partners - Samsung and Intesa Sanpaolo.
As a part of the LOI, the parties will be working towards
executing a definitive agreement to take the strategic partnership
forward.
ABOUT FIRST GLOBAL: (www.firstglobaldata.com)
First Global is an international financial services technology
("FINTECH") company. First Global's two main lines of business are
mobile payments and cross border payments. First Global's
proprietary leading edge technology enables the convergence of
compliant domestic and cross border payments, shopping, Peer to
Peer ("P2P"), Business to Consumer ("B2C"), and Business to
Business ("B2B") payments. First Global enables its strategic
partners and clients around the world with our leading edge
financial services technology platform.
ABOUT ANALYTIXINSIGHT INC. (www.analytixinsight.com)
AnalytixInsight Inc.'s artificial intelligence platform
transforms data into narratives. The AnalytixInsight's online
portal CapitalCube (www.capitalcube.com) algorithmically analyzes
market price data and regulatory filings to create insightful,
actionable narratives and research on approximately 50,000 global
companies and ETFs, providing high-quality financial research and
content for investors, information providers, finance portals and
media. AnalytixInsight holds a 49% interest in Marketwall, a mobile
platform for banking and stock trading
(www.marketwallcorporate.com). AnalytixInsight owns Euclides
Technologies Inc. (www.euclidestech.com), a workflow analytics
systems integrator.
Forward Looking Information:
This news release
contains certain "forward-looking statements" within the meaning of
such statements under applicable securities law. Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions.
Various assumptions were used in drawing the conclusions or making
the projections contained in the forward-looking statements
throughout this news release. Forward-looking statements are based
on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. The Parties are under no obligation,
and expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law.
Caution:
The TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE First Global Data Limited