Contract Win

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 Ian Hayes CFO	0207 598 7700
WH Ireland (NOMAD & Broker)	Katy Mitchell Harry Ansell Darshan Patel	0207 220 1666
IFC Advisory	Graham Herring Florence Chandler	0207 3934 6630

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.

 

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