9Spokes continues run of partnerships with new distribution agreement
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B2B data management company 9Spokes (ASX:9SP) is back on the distribution path, this time with a focus on the US market.
The company announced a five-year agreement with Fundation — a fintech lender focused on providing debt capital for small business.
Under the terms of the deal, Fundation will offer the 9Spokes service to its network of business clients.
9Spokes said its new partner would also look to leverage its strong relationships in the US banking sector to help drive distribution.
Shares in the company ticked higher in morning trade and the stock is still trading at 2020 highs off the back of its Visa agreement last month.
Speaking with Stockhead recently, 9Spokes CEO Adrian Grant said the company’s focus on distribution partnerships was part of its strategy to generate turnover.
“Our distribution partnerships — whether it’s with Microsoft or Visa — are all designed to grow topline revenue as fast as we can. And that’s how we see a clear pathway through to profitability,” Grant said.
As part of the Visa deal, the payments giant will offer 9Spokes’ dashboard management solution to its clients and their customers, leveraging its position as a platform provider to enable a reseller channel for 9Spokes products.
The company said the Fundation agreement will be similar, with the two sides also working on an integration strategy where Fundation’s lending service will be offered as part the 9Spokes data management platform.
In turn, the two sides will “co-ordinate business development to introduce the 9Spokes platform to Fundation’s relationships with US-based banks and other commercial enterprises to benefit their SME clients”.
Diversified engineering company Hydrix (ASX:HYD) continued to turn heads when it surged another 100 per cent at the opening bell, and held its gains into midday trade.
Hydrix shares saw a deluge of trading volume yesterday afternoon, which saw the stock close 260 per cent higher on volume of 45.7 million (previous day: 11,540).
That followed news that doctors in Singapore had successfully implanted the AngelMed Guardian heart-monitoring system — which Hydrix has exclusive Asia-Pacific distribution rights for — in four patients in Singapore.