Milestone Group plc (AIM: MSG) announced it has entered into an agreement with privately owned American Technology firm, JumpStart Wireless Corporation. Milestone has obtained the right to sell patented and patent pending technologies of Jumpstart in the UK.
Milestone will also invest in the privately owned Florida based technology firm, purchasing Common Stock in JumpStart ("JS Shares") with a total subscription value of $100,001. The investment sees Milestone take a minority shareholding that is not greater than 3%. JumpStart has a relatively strong track record in the US, working with enterprise software partners such as Sage, Primavera and SAP. Their patented software solution reaches 25 million mobile workers through these networks alone.
JumpStart's technology saves clients significant costs in the field by cutting down on paperwork and seamlessly coordinating wireless devices. The Wireless BusinessSuite™ uses proprietary artificial intelligence technology to automatically generate sophisticated wireless applications, the software delivers a customised business solution by integrating existing paper based business forms into wireless mobile devices.
Under the terms of the Agreement Milestone will receive a significant percentage of the gross revenue from all sales that it makes in the UK. As a JumpStart shareholder Milestone has an added incentive, in addition to the revenue sharing for the sales it makes, upon the achievement of certain ‘performance metrics’ Milestone may also receive additional equity payments in the form of JumpStart Shares.
Milestone CEO, Deborah White commented on the deal which is expected to differentiate Milestone from the rest of the technology sector; "There is no doubt that our current offerings together with this new product suite sets us apart from our competitors and we expect to see positive impacts on our share price as a result of the revenues derived from this relationship."