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Spenda Complete Phase One of Capricorn DSD Initiative

31 August 2023 10:39
ASX: SPX

Spenda (ASX:SPX) have finalised the negotiation and terms within the Digital Services Delivery (DSD) initiative with Capricorn Society, with the foundational phase extended to facilitate further work and deeper engagement with Capricorn’s key suppliers.

DSD Initiative

As announced in May this year, Spenda was chosen by Capricorn to deliver the first preliminary phase of its DSD initiative, a project to be carried out over 12 weeks, with the Company reporting successful completion of phase one today.

The two parties have initiated negotiations to extend the foundational phase engagements, enabling enhanced collaboration and deeper involvement with Capricorn’s essential suppliers.

Spenda currently provides Capricorn, a member-based organisation primarily servicing business in the automotive industry, services under the Software, Services and Maintenance Agreement, which expires in June 2024. The DSD Initiative builds upon these services and Capricorns existing CAPLink infrastructure, with the first phase aiming to deliver CAPCharge to Capricorn’s member and supplier network.

The CAPCharge system incorporates various components of the Spenda product suite, including Pay-Statement-by-Link and Payment Widget and Spenda’s inside sales capabilities.

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Figure 1: CAPCharge Transaction Flow

The Company announced the DSD initiative is a significant and strategic project to promote utilisation of the Capricorn Account via their Preferred Suppliers’ rapidly growing ecommerce channels, providing an alternative transaction methods to CAPLink, enabling Capricorn members and suppliers to process charges to the account.

Negotiating Project Capacities

Spenda met with several of Capricorns key suppliers to garner a better understanding of the scope and requirements of the DSD project, and to determine the optimal time for release of the various products and services.

The meetings ensured the joint project team were able to prioritise capabilities and develop extended solution requirements and project planning materials.

The Master Services and Licensing Agreement is currently being discussed while the scope of the next steps are being determined.

In tandem with the Capricorn DSD update, Spenda announced the release of 9,318,058 shares from escrow in September occurring over two installments on the 7th and 27th.

Capricorns Automotive Chief Executive Officer Bradley Gannon commented on the partnership with Spenda, “We are looking forward to working together on the next steps as we build our digital technology platforms to enhance our online Member experience,” he said.

Adrian Floate, the Chief Executive Officer and Managing Director of Spenda, also conveyed his enthusiasm, stating, “The joint project teams are starting to bring together a set of technologies that will form the foundation of the next chapter of the parties 20 year relationship. We are very excited to bring this platform to life and deliver it at scale in the coming months and years ahead.”

SPX’s Australian Stock Exchange-listed share price is currently trading at $0.007 (10.15am UTC+ 8 hours).

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