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Ocado notes int'l customer for Ocado Smart Platform

05 June 2017 07:21

Ocado Group said that on June 3 it signed an agreement with a regional European retailer to use Ocado Smart Platform (OSP).

The retailer wished to remain anonymous until it launched its online business in order to retain competitive advantage.

Ocado would provide this partner with its full software platform, know-how and support services required to create an efficient and intelligent online grocery business, with orders initially fulfilled from their manually operated centralised warehouse.

The agreement gave the partner the right to request in the future the installation of automated mechanical handling equipment in centralised warehouses, powered by OSP technology, on terms to be separately agreed but within given parameters.

The partner would pay an up-front fee to Ocado for access to OSP, together with ongoing fees that were based on the volume of products sold online.

Ocado expected the arrangement to be earnings and cash neutral in the current and 2018 financial years, and increasingly accretive thereafter.

Story provided by StockMarketWire.com

Related Company: OCDO

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