Loop Insights Inc (CVE:MTRX) (OCTMKTS:VRZPF), which uses artificial intelligence to drive real-time insights and enhanced customer engagement, revealed on Monday that it has struck a channel reseller partnership with global cloud-based point-of-sale (POS) company Vend, and has signed the first implementation deal with a Vend client.
The Vancouver-based advanced tech company said Vend would unlock opportunities in the more than $5 trillion global retail industry. Vend is the first POS built for iOS and is used in over 25,000 stores across 140 countries. Loop said Vend's “global reach” creates “opportunities” across the world for Loop and its technology in the retail vertical.
To this end, the companies have already secured the first implementation deal at a Vend client, Wild Birds Centers of America Inc - a North American aviary retail franchise with 30 stores - and a subsidiary of Global Harvest Foods Limited. Loop said it intends to widen the scope of opportunity with Global Harvest Foods.
In addition, Vend is in discussions with several other retail chains and both companies expect to announce additional deals in the near future.
In a statement, Loop Insights CEO Rob Anson said: "This is a significant partnership for Loop given the fact both companies offer cloud-based services that provide a strong foundation for rapid scalability and growth.”
He added: “We are both driven to acquire multi-store clients to drive faster, larger adoption rates. As seen by our first implementation with Wild Bird Centers of America, Vend is already demonstrating huge value to Loop as a channel reseller. With active conversations already taking place with many of Vend's global clients, our goals for global penetration into retail are already taking shape."
Loop Insights is a location-based marketing intelligence platform that provides brands, agencies, and retailers with real-time actionable insights to optimize customer experiences. It delivers a solution stack that bridges the gap between digital and physical landscapes giving retailers customer insights in real-time.
Jake West, who is the director of business development at Vend said the company was “beyond excited” to be partnering with Loop Insights to provide its retailers with “robust, enterprise-level tools.”
“With the coronavirus, Vend has seen an increase in the number of mid-market and enterprise retailers that are moving to Vend to take advantage of modern, cloud-based technology. Loop Insights is a perfect complement to Vend's platform, in that, collectively we are able to deliver enterprise and franchise reporting tools, deep product insights and even trends on consumer behavior to our retailers,” added West.
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