9 Spokes inks deal with Visa as it is reinstated to ASX quotation
- 31 July, 2020 08:24
Auckland-based software developer 9 Spokes and Visa USA have entered a five-year partnership enabling Visa to offer 9 Spokes' dashboarding solution to Visa clients and their small business customers.
The deal was announced as 9 Spokes resolved Australian share market concerns about its future viability as a going concern by reissuing its annual report with additional information and without caveats from its auditors.
9 Spokes offers businesses a management app, or "virtual advisor", that brings meaningful data together across a business, its apps and banks.
Under the Agreement, Visa will promote and resell 9 Spokes’ Gold edition, a white-label, highly-integrated platform for banks, and 9 Spokes’ Direct edition, a direct-to-business platform, to Visa’s issuing bank clients and their small business customers worldwide.
The parties said they were confident that the agreement would enable each party to generate revenue from sales of the 9 Spokes dashboarding service to Visa’s clients and their small business customers.
9 Spokes expected that revenue received under the agreement would be material.
However, the amount of revenue that may be received by 9 Spokes will depend on a number of factors, such as customer adoption and implementation.
9 Spokes will exclusively supply the services to Visa under the agreement such that it must not make available any services that are the same as or similar to those supplied to Visa to certain other payment services providers.
In addition, the parties will work together on plans to bring new features and functionality to the 9 Spokes dashboarding service over the term of the partnership.