NowVertical Signs Multi-Year Contract with Leading South African Bank in a $1.5 Million 3-Year Deal
TORONTO, March 05, 2024 (GLOBE NEWSWIRE) — NowVertical Group Inc. (“NowVertical” or the “Company”) (TSX-V: NOW) (OTCQB: NOWVF), a leading data analytics and AI solutions company, is pleased to announce it has renewed its contract with one of the oldest of South Africa’s “big four” banks (the “Customer”) for its NOW Privacy software. With this third consecutive renewal, the Customer has agreed to a 3-year $1.5 million commitment paid in the first half of 2024. This demonstrates a transition from previous one-year contracts to a substantial long-term partnership.
Under this multi-year renewal, NOW will continue delivering its solutions, services and cutting-edge technology through its NOW Privacy software solution. Among other use cases, NOW Privacy ensures ongoing compliance with the Protection of Personal Information Act (“POPIA”) of South Africa, effectively manages and reduces surface attack exposure, and streamlines processes for data subject access requests. The NOW Privacy technology is responsible for overseeing the management of over 1 billion unstructured data records for this Customer.
This contract solidifies NOW’s standing as a trusted partner among leading financial institutions globally. In addition to its longstanding relationship with the renewed South African bank, NOW serves a rapidly expanding portfolio of financial services clients, including industry giants like Lloyds Bank, Santander, Western Union, Industrial and Commercial Bank of China, Grupo Petersen, Banco Macro, and Banco Sol.
Sandeep Mendiratta, CEO of NOW, conveyed his satisfaction, remarking, “We are immensely pleased that another large, global financial institution has once again placed its trust in NOW to provide essential data governance solutions. It’s invigorating to collaborate with our clients, empowering them to harness the potential of our data and AI solutions to drive tangible business outcomes by unlocking the inherent value within their data. Our suite of solutions and services remains instrumental in empowering our global financial clients not only to meet but exceed regulatory compliance standards, proactively track data access, mitigate risk, and foster meaningful customer engagements.”
About NowVertical Group Inc.:
NowVertical Group is a data analytics and AI solutions company offering comprehensive solutions, software and services. As a global provider, we deliver cutting-edge data, technology, and artificial intelligence (AI) applications to private and public enterprises. Our solutions form the bedrock of modern enterprises, converting data investments into business solutions. NOW is growing organically and through strategic acquisitions. For further details about NOW, please visit www.nowvertical.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Andre Garber, Chief Development Officer
IR@nowvertical.com
Glen Nelson, Investor Relations and Communications
glen.nelson@nowvertical.com
t: (403) 763-9797
