Yojee Limited (ASX: YOJ) has inked a 2-year agreement (through its wholly owned subsidiary, Yojee Solutions Pte Ltd) with Singapore-based Riverwood Pte Ltd to provide its logistics software. As per the agreement, Riverwood will use the software ‘off the shelf’ and a partnership program is in place to further optimize and innovate between the two parties. This contract is unconditional and is effective from July 18, 2018. In addition to this, any custom innovation beyond the deal which has already been granted between the parties will be considered as paid service, while Riverwood will offer its freight services as a partner to the Yojee freight network. The objective of this deal is to scale up the business and increase efficiencies; reduce costs per delivery; and delight drivers and customers. Further, YOJ will receive $0.20 for each transaction completed by Riverwood through the software. YOJ sees this deal as an important contract because of the calibre of Riverwood, and its presence in the Singaporean market. Additionally, Riverwood has been growing by 10% on Q-o-Q basis and expects to expand into a new 35,000 square foot warehouse and buying more vehicles to handle growing demand. With this synergistic deal, the share price climbed up 4.4 per cent with intra-day traded volume of around 4,548,553 before market close. The stock traded at $ 0.120 with the market-cap of circa $88.26 Mn as of July 18, 2018, before market close.[pluginops_form template_id='23834' ]
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