Eyeonid Group AB (publ) signs letter of intent with Abelco regarding cooperation in Southeast Asia
Eyeonid Group AB (publ) have today signed a letter of intent with Abelco Investment Group AB (publ) regarding Eyeonid’s products and services for the Southeast Asian markets. The parties’ ambition is to jointly explore possibilities to establish sales- and marketing presence for Eyeonid in the local markets within the region, where Abelco holds a strong position resource wise through its’ fully owned Fatfish Group.
Eyeonid Group AB (publ) (”EyeOnID”) has entered into a letter of intent (“LOI”) with Abelco Investment Group AB (publ) (“Abelco”) regarding a potential commercial cooperation agreement. The parties’ ambition is to explore potential opportunities and terms for such a commercial cooperation agreement, where EyeOnID’s products and services combined with Abelco’s presence in Southeast Asia marks the foundation for such discussions.
Abelco is a Swedish investment company that recently acquired Fatfish Global Ventures (“Fatfish”). Through this acquisition, Abelco holds principal offices in Stockholm, Kuala Lumpur and Singapore. Both in terms of number of portfolio companies as well as resource wise, Abelco holds a strong presence in Southeast Asia.
EyeOnID sees scale-up opportunities internationally, and the Asian market is interesting for the company’s various products and services. A strong mobile- and internet penetration level combined with a vast population creates a basis for investigating possibilities for local presence and sales activities. With the purpose of shortening sales processes as well as to create the best conditions for a potential local presence, it is of importance to EyeOnID to find suitable cooperation partners to evaluate opportunities to enter into such market in a fast and cost-effective manner.
“I believe that we are now ready to start investigating expansion into completely new markets. Naturally, one must be humble in view of how long things might take as well as cultural differences and other local market conditions. I view that the Asian market is maturing with regards to EyeOnID’s offering, which is interesting. With the technology- and process structure we now have built, I believe that we are ready to enter into new markets with the right partners. Through Abelco, and its’ extensive network as well as local resources within the Southeast Asian market, I hope and aim to find common grounds for a commercial cooperation going forward.” says Patrik Ugander, CEO Eyeonid Group AB (publ)
For further information, please contact:
Patrik Ugander, CEO Eyeonid Group AB
Phone: +46 70-544 01 68
E-mail: patrik.ugander@eyeonid.com
Henrik Sundewall, Chairman of the board Eyeonid Group AB
Phone: +46 76-877 00 00
E-mail: henrik.sundewall@eyeonid.com
Also view: www.eyeonid.com
Eyeonid Group AB (publ) was founded in 2015 and is a SaaS provider who through their self-developed technology for collection, analysis and packaging of data, develop and sell smart solutions that makes life on internet simpler and more secure for people, corporations and organizations. Through end to end solutions that are supplemented with insurances, payment solutions and assistance as well as sales and marketing support for industries such as Bank, insurance, Telecom and Retail, EyeOnID solutions create new business opportunities for its customers.
This information is information that Eyeonid Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation. The information was provided, through the contact of the above contact person, for publication on May 11th, 2020, at 08.01 CET.
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