(Alliance News) - RC365 Holding PLC on Monday said it signed a deal worth about GBP7 million with YouneeqAI Technical Services Inc to use YouneeqAI's technology in the UK.
The London-based company focusing on payment gateway solutions and IT support service on Monday said that under the new letter of intent it will acquire the exclusive rights to YouneeqAI's intellectual property and platform in the UK.
YouneeqAI is a Denver, Colorado-based artificial intelligence platform focused on product customisation and recommendations.
The consideration includes the issue of 6 million new RC365 shares, of which 3 million will be issued upon the signing of the agreement. The remaining shares will be issued around the end of February next year.
Shares in RC365 were up 8.3% at 111.00 pence each in London on Monday morning. That makes 6 million RC365 shares worth GBP6.7 million. RC365 has a market capitalisation of GBP144.2 million.
The agreement will be for a 10-year term.
YouneeqAI will provide materials, training and upkeep for its platform, RC365 said.
Chief Executive Officer Chi Kit Law said: "We are delighted to be pursing an agreement with YouneeqAI. We look forward to working towards progressing a final agreement to support the growth objectives of RC365."
By Sabrina Penty, Alliance News reporter
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Rc365 Holding (RCGH)