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:
| 1. |
First Global will white label its mobile payment app for use by AnalytixInsight. |
| 2. |
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. |
| 3. |
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. |
| 4. |
First Global will introduce and offer AnalytixInsight's stock analytics services to clients and partners in a per-transaction shared revenue model. |
| 5. |
AnalytixInsight will introduce and offer First Global's mobile wallet services to their clients and partners in a per-transaction shared revenue model. |
| 6. |
First Global's mobile payment technology to be the exclusive mobile payment technology to be used by AnalytixInsight. |
| 7. |
AnalytixInsight stock analytics technology to be the exclusive stock analytics technology to be used by First Global. |
"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
For First Global Data Ltd., Renmark Financial Communications Inc., Steve Hosein: [email protected] , Tel: (416) 644-2020 or (514) 939-3989, www.renmarkfinancial.com, email: [email protected]; For AnalytixInsight Inc., Scott Urquhart: [email protected], VP Corporate Development, Tel: (416) 522-3975
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