Announces Entry into Mobile Payments Vertical and Closing ofAnalytixInsight Provides Corporate Update, Announces Entry into Mobile Payments Vertical and Closing of Private Placement
- Company's Technology Platform to Offer Business Intelligence, Benchmarking and Decision Making Tools for Mobile Payment Applications and Service the Fast Growing Mobile Financial Services App Community - Company Completes Private Placement of CDN$280,000
18:30 EDT Thursday, July 02, 2015
TORONTO, ONTARIO--(Marketwired - July 2, 2015) -
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Big Data analytics company, AnalytixInsight Inc. (the "Company" or "AnalytixInsight") (TSX VENTURE:ALY) today announced its entry into a new business vertical - mobile payments - where the Company's unique technology platform can provide valuable analytics for mobile payment solution providers as well as for merchants.
The Company's platform is now geared to help both retailers and financial institutions create a broader payments loyalty ecosystem and provide the potential to both drive mobile wallet usage and create new consumer retail experiences beyond the point of sale. This initiative follows the Company's announcement dated February 25, 2015 related to developing products and analytical solutions for mobile payments and previous announcements of revenue sharing partnerships and pre-installations of the Marketwall App with device makers like Samsung Electronics ("Samsung"), NetRange Gmbh ("NetRange") and MiiA ("MiiA").
"The payments business so far is purely transactional - to unlock the inherent value in payments, mobile payment enablers, banks and merchants must treat the payments business as an information business. A critical component for this to happen is the use of advanced payments data analytics - empowered by a connected social and mobile device experience. We believe our platform and our partnerships with Samsung, NetRange and MiiA provides the right solution for industry participants and will help grow AnalytixInsight's business in this new vertical" said Prakash Hariharan, Chairman of AnalytixInsight.
"Firms have invested in mobile apps that offer coupons, mobile payments, loyalty programs and more but most of these are disconnected from their critical back-end data systems. We are well-placed to benefit from this opportunity to enable payment transactions though the robust incorporation of data analytics and a digital wallet solution to give retailers and financial institutions a more intelligent payment platform," said Chaith Kondragunta, CEO of AnalytixInsight.
The Company also announces that it has closed a non-brokered private placement (the "Private Placement") for gross proceeds of CDN $280,000. The Company issued 800,000 common shares (the "Common Shares") priced at $0.35 per Common Share to certain subscribers. The Common Shares issued are subject to a four month statutory hold period expiring on November 2, 2015. No finder's fees were paid in connection with the Private Placement and the proceeds will be used for marketing, public relations, investor relations activities and general working capital purposes.
Closing of the Private Placement remains subject to receipt of all applicable regulatory approvals, including final approval of the TSX Venture Exchange.
On behalf of the Board of Directors of ANALYTIXINSIGHT INC.
Prakash Hariharan, Chairman