Loop Insights Inc. (MTRX:TSX.V) announced in a news release it agreed to partner with Vend, and Vend will resell Loop's retail-focused technology.
The company noted that Vend offers global cloud-based, point of sale and retail management software while Loop provides brick and mortar retailers with contactless solutions and artificial intelligence-driven software for generating real-time information and automating marketing.
"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," Vend Director of Business Development Jake West said in the release.
The two companies expect to generate revenue from their partnership through onboarding and software-as-a-service fees.
Already, one of Vend's clients, Wild Birds Centers of America, which is a North American aviary retail franchise with 30 stores, signed on for Loop's technology.
Vend's technology is now being used in more than 25,000 stores throughout 140 countries. This global reach and the company's rapid growth present potential opportunities for Loop in the world's $5 trillion retail industry.
"This is a significant partnership for Loop given that both companies offer cloud-based services that provide a strong foundation for rapid scalability and growth. 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, VendHQ 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 CEO Rob Anson said in the release.
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