Parties Sign Loi and Commit to Joint Venture Contract Within 60 Days
VSBLTY Groupe Technologies Corp, a leading software provider of security and retail analytics technology, announced it has formed an alliance with the Al Jabr Group to bring digital out-of-home solutions and the Store as a Medium (SaaM) concept to retail outlets, the oil & gas industry and smart cities in five middle east countries. A family-owned multi-dimensional company with more than 6,000 employees in the region, Al Jabr already has invested USD$1.6 million in VSBLTY to date. The agreement calls for VSBLTY to provide advanced artificial intelligence (AI) technology for all deployments, while Al Jabr will be responsible for developing contracts and for hardware procurements and installations.
In making the announcement, VSBLTY Co-founder & CEO Jay Hutton said, “We have agreed to a non-binding letter of intent and are now working with Al Jabr management to create a definitive agreement and a 50-50 joint venture structure within the next 60 days that will enable us to create a go-to-market plan for VSBLTY-Middle East to roll out our cutting-edge technology in five countries.” Hutton said the first territories will be United Arab Emirates, Qatar, Oman, Bahrain and Saudi Arabia, but eventually they will introduce its proprietary AI technology, as well as security solutions, in Egypt, Pakistan, Nigeria, Algeria, Tunisia, Morocco, and Iraq.
Read More: Baxter Planning Appoints Mårten Gustafsson As Chief Revenue Officer
“Initially, we will be providing AI applications in three business sectors: oil & gas, smart cities and retail,” Hutton explained. He also reported that VSBLTY is now planning a SaaM deployment for the largest supermarket chain in the Middle East and AI activations have begun in two smart cities.
Mohammed Ajmal, Al Jabr Group CFO, explained that the family-owned company will use its 40 years of business experience in the region to drive the marketing and deliver turnkey installations using VSBLTY’s advanced technology. “We are delighted to align our company with a worldwide technology leader like VSBLTY and we look forward to launching what we are confident will be a successful joint venture,” Ajmal added.
“VSBLTY-Middle East will take advantage of the outstanding business and other relationships the Al Jabr family has across many industries. This gives us a great pathway to expand in the kingdom as well as in the border regions,” Hutton emphasized. “There is a tremendous focus on technology here and that creates an opportunity for us to make this area the AI hub for the entire Middle East,” the VSBLTY CEO concluded.
Read More: SalesTechStar Interview with Fran Wilson, CMO at Boomi
VSBLTY technology provides enhanced customer engagement and audience measurement using machine learning and computer vision. Its industry leading VisionCaptor™ and DataCaptor™ software combine motion graphics and interactive brand messaging with cutting-edge computer vision measurement and insights. VSBLTY’s AI driven software Vector™ provides enhanced facial recognition that is crucial to strengthening today’s security requirements when recognizing weapons or suspicious persons in a crowd.