TORONTO, Ontario – December 12, 2023/Globe Newswire/ - NowVertical Group Inc. (TSX-V: NOW) (OTCQB: NOWVF) (“NOW” or the “Company”), a leading data and AI software and services provider announces strategic expansions in Peru, Mexico and a new contract with McDonald’s LATAM. According to recent studies,(1) the Latin America big data analytics market size is expected to reach more than US$12 billion by 2028, growing at a CAGR of 7.67% between 2023 and 2028. Additionally, the demand in the artificial intelligence market is projected to show an annual growth rate of 18.44%, resulting in a market size of more than US$19B by 2030, creating significant market opportunity for NOW as it expands its operations throughout the region.
Peru Expansion – A New Geography for NowVertical:
NowVertical is pleased to announce it is expanding its operational reach in South America through a strategic collaboration with Google in Peru, focusing on transformative predictive analytics projects with RIMAC Seguros y Reaseguros. NOW has secured a contract to implement a predictive analytics model to enhance RIMAC's customer experience, fortify security measures, and ensure resilient business continuity, aligning with NowVertical's commitment to delivering tangible results and industry-leading solutions. The contract represents NOW’s first customer in Peru.
Mexico Growth – NowVertical's Strategic Partnership with Google in Mexico:
NowVertical is extending its platform in Mexico by commencing a strategic consulting process in data governance with DMX, a holding of financial brands. In collaboration with Google, NowVertical is also pleased to announce several new contracts with Liverpool and Coppel, prominent Mexican retail conglomerates, leveraging their data and AI technologies to optimize retail operations, foster growth, and drive industry innovation.
World’s Largest McDonald’s Franchisee – NowVertical Announces Contract with Arcos Dorados (McDonald’s LATAM) across Latin America
NOW is also pleased to announce a recently secured contract with Arcos Dorados (McDonald’s LATAM) the world’s largest independent McDonald’s franchisee, operating in 20 Latin American and Caribbean countries and territories, with over 2,300 restaurants and employing over 90 thousand people. NOW will be working with the customer on several projects that include cloud data engineering and data science implementation.
"These strategic collaborations in Peru and Mexico, and our recent partnership with Arcos Dorados (McDonald’s LATAM), represent notable milestones for NowVertical, highlighting our dedication to delivering industry-leading services and solutions on a global scale," said Sasha Grujicic, CEO of NowVertical. "These new partnerships not only offer an enticing gateway to esteemed organizations but also serve as crucial stepping stones for cultivating enduring relationships with regionally respected brands and organizations.”
These new customer contracts, partnerships and market expansion highlight NOW’s strength in implementing strategic data analysis, machine learning implementation, and AI deployment throughout LATAM. NowVertical's commitment to pushing the boundaries of innovation and providing customized solutions across diverse industries, with the support of Google, positions the company as a global leader in data and AI solutions.
About NowVertical Group Inc.:
NowVertical Group is a Vertical Intelligence (VI) software and services provider that delivers data, technology, and artificial intelligence (AI) solutions into private and public verticals globally. NOW’s solutions sit at the foundation of the modern enterprise by enabling its customers to maximize the impact of their data and AI investments while minimizing their risk, accelerating the time to value, and reducing costs. For more information about NOW, visit www.nowvertical.com.
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.
For further information, please contact:
Sasha Grujicic, CEO
IR@nowvertical.com
Glen Nelson, Investor Relations and Communications: glen.nelson@nowvertical.com
t: (403) 763-9797
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