IncentiaPay shares bounce off lows on the back of new strategic partnership
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Loyalty platform IncentiaPay (ASX:INP) had some deal news for the market this morning, announcing a tie-up with Paywith Worldwide Inc.
Off the back of the announcement, INP shares made one of the biggest moves in morning trade to climb back above 4c.
But over the long-term the stock has fallen out of favour after it reached a post-listing high above $1.20 in 2015.
The US-headquartered Paywith offers its own suite of loyalty products connecting merchants with consumers.
Under the terms of the deal, IncentiaPay said the two companies would integrate their product offering that utilises PayWith’s processing engine and online marketplace with IncentiaPay content and existing partnerships to “deliver new products and value propositions for customers”.
Commercial terms of the deal weren’t disclosed, although IncentiaPay said the deal would be funded via an extension to existing debt facilities announced on the 4th of June.
Under the terms of that deal, lender Suzerain agreed to extend its initial loan by another $4m to $9.825m, along with an additional $1.2m facility for capital expenditure.
IncentiaPay also said it had entered into a “multiyear licensing agreement to licence Paywith’s platforms”.
PayWith CEO David Strebinger said the company was excited to be working with IncentiaPay on the new project in the rewards and payment industry, which have the capacity to positively impact “hundreds of non-profits, schools and associations”.
Ad-tech platform Engage:BDR (ASX:EN1) also ticked higher on the back of a July trading update, where it said unaudited year-to-date revenues through seven months in 2020 had reached $10.3m, a gain of 36 per cent from 2019.
Online gaming platform Esports Mogul (ASX:ESH) bounced on the back of some boardroom news, with tech executive Kate Vale joining as a director. Vale’s career includes stints at Google and YouTube and she is currently managing director of the Australian division of Spotify.