“Virtual Mobile Communications as a Service” pioneer Norwood Systems Ltd (ASX: NOR) announces the signing of a Memorandum of Understanding (“MoU”) with Addcom Contact Solutions Pty Ltd, a specialist in the call recording and speech analytics business. The purpose of this MoU is to create a distribution and reseller agreement to co-sell each other’s products, and to establish a mutually beneficial long-term partnership that delivers strong revenue share streams for both parties.
The MoU will see Norwood’s World Apps (World Phone, World Secure, World Message and World Wi-Fi) marketed to a subset of Addcom’s existing 2,500 resellers and direct customers, while Norwood will introduce Addcom, and its Wave e-Discovery voice recording software, to named accounts where there is an opportunity for co-selling, particularly in the finance and banking vertical. Marketing channels will include EDM, seminars, webinars and normal sales engagements. Addcom staff will be trained to identify and sell the World Apps with a particular focus on compliance via World Phone and Wi-Fi Security via World Secure.
Norwood and Addcom’s target audience comprises financial institutions, banks, insurance companies, Government and others engaged in selling services that have impending compliance rules that require voice recording of mobile voice calls/texts. The global market opportunity for mobile voice recording currently exceeds US$2 billion1 , and this partnership aims to deliver a premium BYOD/ compliance solution to the finance and banking industry in Australia and New Zealand.
The MoU outlines the basis for a partnership agreement to be negotiated in good faith for a minimum of two years, with extension by mutual consent. The targeted devices will include iPhone iOS 6 and above, and Android Version 3.0 and above. Norwood and Addcom will work collaboratively to present and close opportunities in the defined target markets.
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