Calgary, Alberta--(Newsfile Corp. - June 14, 2023) - Katipult Technology Corp. (TSXV: FUND) ("Katipult" or the "Corporation"), a leading fintech provider of software for powering the exchange of capital in equity and debt markets, announced it has entered into a three year, multi-million dollar software agreement with a new North American customer. The win represents the largest contract value in Katipult's history and signals its emergence as a market leading SaaS provider for the capital markets.
"This new customer win validates Katipult's deep product capabilities and our strategic vision to remake and re-imagine how capital markets operate. We were selected in a highly contested, competitive evaluation across a range of capabilities including broad industry functionality, security, scalability and user experience. The win also serves to accelerate our path to profitability and positive cash flows," said Gord Breese, Katipult President and CEO.
Katipult was selected for its unrivaled capability to provide a seamless, end-to-end solution for all stages of the new issue investment process, including:
- New investor account registration
- Deal creation and management
- Investor marketing and order allotment
- Transaction execution and record keeping
- Compliance review and approval management
- Analytics and security auditing
The new customer will be deploying Katipult's DealFlow new issue platform to power its strategy of creating unprecedented efficiencies and automation within new and growing segments of the capital markets. With a proven track record in both capital markets and crowdfunding technology, Katipult is an ideal partner for this new initiative.
"We are excited by this deal - this is a milestone moment for Katipult. We have made significant investment to increase the automation in equity markets dealflow, and we believe this transaction will contribute to a bellwether that will lead to a major transformation in equity capital markets. The commercial terms of this transaction will contribute to short-term growth for Katipult, but we keep an eye to the long term, and the Team at Katipult are focussed on building enduring competitive advantages," added Brian Craig, Katipult Chairman.
About Katipult
Katipult (www.katipult.com) is a provider of industry leading and award-winning software infrastructure for powering the exchange of capital in equity and debt markets. Our cloud-based platform and solutions digitize investment workflow by eliminating transaction redundancy, strengthening compliance, delighting investors, and accelerating deal flow. Katipult provides unparalleled adaptability for regulatory compliance, asset structure, business model, and localization requirements.
Cautionary Note Regarding Forward-Looking Statements
Certain disclosure in this release, including statements regarding Katipult's market position as a leading SaaS provider for the capital markets, deployment of Katipult's DealFlow new issue platform with the customer, and growth of Katipult's recurring revenue, constitute forward-looking statements. In making the forward-looking statements in this release, the Corporation has applied certain factors and assumptions that are based on the Corporation's current beliefs as well as assumptions made by and information currently available to the Corporation, including, but not limited to, the Corporation's product will continue to operate as expected, the ability of the Corporation to deploy the platform with its customer, the industry will continue to see value in the Corporation's product and the Corporation will be able to recruit talented and experienced sales, support and other individuals required to execute the Corporation's plans. Although the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, failure to deploy the platform with the Corporation's new customer, failure to manage growth successfully, lengthier than anticipated sales and implementation cycle, cyber risks, risks related to cloud based solutions, failure to continue to adapt to technological change and new product development, dependence on key personnel, competition, intellectual property risks, economic conditions, privacy concerns and legislation, regulatory environment, risk associated with a change in the Corporation's pricing model, risk of defects in the Corporation's solution, dependence on market growth, operational service risk, dependence on partners and delay or failure to realize anticipated benefits of key account installations. Readers are cautioned, especially in these uncertain times, not to place undue reliance on forward-looking statements. The Corporation does not intend to, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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.
SOURCE Katipult Technology Corp.
For further information: gbreese@katipult.com, +1(604) 760-4000
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169919
