REG - itim Group PLC - Contract Win

ITIMAnnouncement

04/07/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240704:nRSD0452Va&default-theme=true

RNS Number : 0452V  itim Group PLC  04 July 2024

4 July 2024

 

itim Group plc

 

("itim" or "the Company" and together with its subsidiaries "the Group")

 

Contract Win

 

itim Group plc, a SaaS based technology company that
enables store-based retailers to optimise their businesses to improve
financial performance, is pleased to announce that it has signed a five-year
multi-million-pound contract with Assaí Atacadista ("Assaí"), the largest
Brazilian wholesaler, with more than 300 stores.

 

Founded in 1974, Assaí distinguishes itself by offering a diverse range of
products at competitive prices, serving both businesses and end consumers. In
2020, the company became independent, and since then, its shares have been
traded on the New York Stock Exchange (NYSE) and São Paulo Stock Exchange
(B3). In 2023, Assaí reported turnover of approximately $13 billion and
currently has a market capitalisation of $2.5 billion.

 

This significant contract follows the recent announcement that Assaí will be
expanding its operations across multiple regions, further strengthening its
market presence. Under this agreement, Assaí will leverage itim's UNIFY Price
& Promotions Optimisation solution powered by Profimetrics AI to refine
its pricing strategies and boost competitiveness, reinforcing its commitment
to quality and affordability.

 

Itim's UNIFY Price and Promotions Optimisation platform powered by
Profimetrics AI provides its retail customers with advanced analytical
capabilities to optimise prices and promotions, drive sales, and improve
profitability by leveraging data-driven insights.

 

It now is being used by 20 retailers globally and by 6 of the top 10 Brazilian
retailers, underlying its capability of adding retail value.

 

Ali Athar, CEO, commented: "We are delighted to have been selected by Assaí
to help power their pricing optimisation initiatives. This is a significant
endorsement of itim's product set and we look forward to working with Assaí
to make this project a great success."

 

The execution of this contract is in line with the Company's financial
expectations for the current financial year.

 

Enquiries:

 

 Itim Group plc                   Ali Athar, CEO      0207 598 7700

                                  Ian Hayes CFO

 WH Ireland (NOMAD & Broker)      Katy Mitchell       0207 220 1666

                                  Harry Ansell

                                  Darshan Patel

 IFC Advisory                     Graham Herring      0207 3934 6630

                                  Florence Chandler

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 

ABOUT ITIM

itim was established in 1993 by its founder, and current Chief Executive
Officer, Ali Athar. itim was initially formed as a consulting business,
helping retailers effect operational improvement. From 1999 the Company began
to expand into the provision of proprietary software solutions and by 2004 the
Company was focused exclusively on digital technology. itim has grown both
organically and through a series of acquisitions of small, legacy retail
software systems and associated applications which itim has redeveloped to
create a fully integrated end to end Omni-channel platform.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CNTDZGGNKFFGDZM