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ShareRoot’s shares rise on U.S. technology partnership

ShareRoot Ltd’s (ASX:SRO) shares were trading +25% higher intraday after partnering with U.S. government contractor Jungle Communications as their exclusive social media technology vendor.
ShareRoot’s shares rise on U.S. technology partnership
ShareRoot Ltd’s shares rise on U.S. technology partnership

Based in Silicon Valley, ShareRoot offers a Software as a Service (SaaS) platform that works with brands and digital agencies to find and legally source user-generated content.

Jungle Communications is a diversified creative digital agency specialising in government contracts, and has been awarded over US$5 million in government bids.

The company has already included ShareRoot in two proposals for multi-year government bids, totalling over US$500,000 in potential revenue for ShareRoot.

Notably, the U.S. government spent US$424 billion in 2015 on technology solutions for government projects.

Jungle Communications is also in the process of introducing ShareRoot to their partners and existing clients.

Meanwhile, ShareRoot’s sales team is continuing its strong client growth momentum, adding 10 new contracts for the quarter ended 30 September 2016.

Alongside continuing SaaS sales, ShareRoot is in partnership discussions with big players in the billboard advertising space in Australia, UK and the U.S. to utilise the ShareRoot platform.

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