AnalytixInsight Inc (TSC:ALY), a Artificial Inetlligence (AI) company has announced that it has joined “The Floor”, a global FinTech innovation center based in Tel Aviv. The company said that as a member, it will access and contribute to, the unique community of partners and industry innovators within the financial services market. As quoted in the … Continued
AnalytixInsight Inc (TSC:ALY), a Artificial Inetlligence (AI) company has announced that it has joined “The Floor”, a global FinTech innovation center based in Tel Aviv. The company said that as a member, it will access and contribute to, the unique community of partners and industry innovators within the financial services market.
As quoted in the press release:
The Floor (TheFloorHub.com) is an Israeli Fintech hub that was founded in collaboration with four of the world’s largest banks: HSBC, Santander, RBS and Intesa SanPaolo. The Floor is located at the Tel Aviv Stock Exchange building and is working to shape the bank of the future with exceptional Fintech solutions. Fintech investment in Israel has grown dramatically, positioning Tel Aviv as one of the world’s leading Fintech centers with over 500 Fintech startups and $650 million in accumulated Fintech VC funds.
Avi Cohen, Co-founder & CEO of The Floor, commented: “We are pleased to welcome AnalytixInsight to The Floor. We believe that just like Google and Amazon led the digital Internet wave, banks today are leading change that is as revolutionary as the Internet was 20 years ago, with innovation in payments, artificial intelligence, blockchain, and trading. AnalytixInsight is already a contributor within this wave and we look forward to working together with them.”
Prakash Hariharan, President & CEO, commented: “Being a member of The Floor allows us to showcase our offerings and expertise to those who are revolutionizing the industry, and positions us within the ecosystem of thought leaders in technology innovation. We already have data modelling experts located in Tel Aviv, who will now collaborate with other members of The Floor to expand our machine-learning capabilities and develop new offerings.”
In connection with this initiative, the Company has granted a total of 250,000 stock options to The Floor pursuant to its stock option plan. The options vest on May 8, 2020 and have an exercise price of $0.38 per option for a period of five years from the date of grant. The Company has also agreed to grant The Floor an additional tranche of 250,000 options on January 1, 2019 and a final tranche of 180,000 stock options on January 1, 2020, with vesting terms of 12 months and 6 months from such grant dates, respectively. The price of the options in these latter tranches will be the closing price of the Company’s shares on the respective grant dates. The grant of options remains subject to the approval of the TSX Venture Exchange.