First Global Data and AnalytixInsight Enter Letter of Intent for Strategic Business Relationship

First Global Data (TSXV:FGD) and AnalytixInsight (TSXV:ALY) have announced the signing of a letter of intent to establish a strategic business relationship between the companies.
As quoted in the press release:

The companies intend to work together on initiatives which include:

1.	First Global will white label its mobile payment app for use by AnalytixInsight.
2.	AnalytixInsight will leverage its partnerships with organizations such as Samsung and Intesa Sanpaolo, to expand First Global’s mobile payments services across Europe and elsewhere as determined by the Parties in a revenue sharing model. Intesa Sanpaolo – one of Italy’s largest banks with a market cap of over €45 billion – has shared ownership in AnalytixInsight’s subsidiary Marketwall. Under the partnernership, Intesa Sanpaolo will migrate approximately 8 million mobile banking users in 8,000 retail branches to Marketwall’s mobile platform across five European countries, to provide a range of mobile payment services.
3.	First Global to embed the AnalytixInsight stock trading app in its mobile deployments in India, and elsewhere as determined by the Parties. First Global has a partnership with Vijaya Bank – one of India’s nationalized banks with over 2,000 branches – to deploy mobile payment services to Vijaya Bank account holders.
4.	First Global will introduce and offer AnalytixInsight’s stock analytics services to clients and partners in a per-transaction shared revenue model.
5.	AnalytixInsight will introduce and offer First Global’s mobile wallet services to their clients and partners in a per-transaction shared revenue model.
6.	First Global’s mobile payment technology to be the exclusive mobile payment technology to be used by AnalytixInsight.
7.	AnalytixInsight stock analytics technology to be the exclusive stock analytics technology to be used by First Global.

“AnalytixInsight has incredible predictive analytics technology and are deploying across Europe in partnership with Samsung. We intend to provide these valuable services to all of our strategic partners globally and to our collective clients. We also look forward to working with AnalytixInsight to expand the First Global mobile payment deployments into Europe. This strategic collaboration is mutually beneficial and will create significant new per transaction revenue sharing opportunities for both companies”, commented Andre Itwaru, First Global’s Chairman and CEO.

Click here to read the full press release.