Fobi AI Inc (CVE:FOBI) (OTCQB:FOBIF) announced that it has inked a proof of concept (POC) deal with Canadian telecommunications giant Telus to integrate its data platform into the Telus Insights Location Services Data solution.
Fobi said it will work with Telus’s Insights division to build a custom, real-time business intelligence dashboard and portal that will deliver real-time analytics and reporting to Telus clients.
Telus Insights is currently used by many corporate and government clients like TransLink (the BC regional transit system), the Thompson Okanagan Tourism Association, and the Cities of Surrey and Revelstoke in British Columbia.
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For Fobi – formerly Loop Insights – the 90-day agreement will provide “immediate revenue opportunities” once completed, such as Telus reselling Fobi products directly or through licensing opportunities, it said.
"Fobi’s data analysis and reporting capabilities were one of the reasons we started working with them in the first place, and why we helped them sign the deal with our client Big White Ski Resort. So, this POC is the natural next step to integrate their solution with Telus Insights to provide that same value to our other clients,” Telus vice president of strategic operations Andrew Turner said in a statement.
The agreement marks another step in Fobi’s ongoing relationship with Telus. The two companies recently inked a multi-year reseller deal in May 2021 that sees Telus selling Fobi solutions directly to its national customer base.
"We are very honored to work with Telus, and we are very excited about this next step in our relationship, and actually being able to integrate our industry-leading data analytics and reporting platform into the Telus Insights solution as part of this (proof of concept),” Fobi CEO Rob Anson told investors. “Together Fobi and Telus will deliver even more value to the Telus Insights clients by helping them make better data-driven decisions in real-time."
Private placement
Separately, Fobi announced plans to raise up to C$7 million via a private placement of 5.6 million units priced at C$1.25 per unit.
Each unit will consist of one common share of the company and one-half of one common share purchase warrant exercisable at $1.60 for 24 months from the date of issuance. Agents Echelon Wealth Partners have an option to purchase an additional 15% of units.
Proceeds from the offering will be used for general and corporate working capital purposes, as well as M&A initiatives, Fobi said.
The offering is expected to close by June 30., 2021.
Contact Angela at angela@proactiveinvestors.com
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