BURLINGTON, ON / ACCESSWIRE / June 10, 2021 / Memex Inc.("MEMEX" or the "Company") (TSXV:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software has recently added financing as an option for those customers who prefer not to lay out the full cost of deploying MERLIN up front but still desire a perpetual license versus an ongoing subscription as their means of acquisition. This should allow managers and executive teams to make the financing decision more easily around deploying MEMEX's flagship software for machine monitoring and driving operating efficiencies across all aspects of their manufacturing operation(s).
"MEMEX has cultivated two equipment finance partnerships - one in the United States and the second in Canada - to provide a new finance alternative for customers wanting to adopt MERLIN Tempus," said David McPhail, MEMEX President and CEO. "Now, in addition to an up-front acquisition or ongoing subscription arrangement, our financing partners can put our customers in the same cash flow position as an OpEx commitment, all while maintaining their working capital balances and removing possible capital expenditure constraints, providing the security of a non-expiring right to use our product."
"Typically, the financed monthly cost of a MERLIN Tempus deployment is less expensive than a Software as a Service (SaaS) product offered by our competitors. With the MEMEX financing option, our customer owns any hardware provided as well as the lifetime right to use our product at the end of their finance term. Although MEMEX is capable of deployment of either a perpetual license or ongoing subscription (SaaS equivalent) model, so far, we have seen a greater preference for the perpetual license model."
"Since partnering two months ago with Intech Funding Corp ("Intech") (for US customers), they have helped one new customer to secure their USD$188 thousand project (approximately CAD $225 thousand). Although we have not completed an arrangement with our new Canadian partner Grenke, we are pursuing opportunities. Both Intech and Grenke offer very competitive rates relative to traditional financing alternatives, with the understanding of and willingness to fund our product offerings."