Simplifai has signed a long-term cooperation and development agreement with UAE headquartered VAD Technologies (VAD) that has been designed to fast-track the market penetration of Simplifai’s AI solutions and lay the foundation for a permanent presence in the Middle East. The strategic partnership covers Saudi Arabia, United Arab Emirates, Kuwait, Bahrain, Qatar and Oman.
“The purpose of the deal is of course to drive sales in the Middle East, but there are additional mechanics in the agreement that incentivises both parties to contribute towards building up a permanent Simplifai subsidiary in the region. It allows us to set up an immediate presence and fast-track market penetration, but without incurring substantial costs while doing so,” says Bård Myrstad, CEO of Simplifai.
Simplifai develops automation solutions using artificial intelligence (AI) to help clients across numerous industry sectors to grow and cut costs. The company has recently added several high profile companies to their customer list, including Shaadi.com, a match making service with more than 35 million users globally, Nevigate, a global network service provider based in Singapore and The National Archives of Norway.
“In sum, this is a strategic partnership where both parties can benefit significantly from making it a success. We have spent the past eight months probing the Middle Eastern market to test market acceptance and readiness for Simplifai’s technology and solutions. The response has been excellent, which is why we want to enter this strategic partnership,” says Mario M. Veljovic, general manager at VAD Technologies.
During the past six months, Simplifai has trained VAD’s employees and several business partners in Simplifai’s AI tools and systems, conducted a pilot test with a VAD customer, and established several sales processes that are ongoing and could materialise in new contracts.