This agreement provides the Philippines operation of Kuehne + Nagel, a leading global freight company offering fully integrated supply chain solutions, with access to Yojee’s cloud-based subscription-based SaaS logistics platform.
Yojee's securities have been as much as 100% higher to 5.2 cents and are up from 1.2 cents at close on March 24.
An enterprise-level project with Kuehne + Nagel Philippines to access Yojee’s subscription-based SaaS Platform began last month and is expected to go live by the end of July.
The project scope will see Yojee’s SaaS Platform integrated into Kuehne + Nagel Philippines and an eCommerce fulfilment customer (providing technology, logistics and payments capabilities), across delivery, order management, planning and execution.
Yojee managing director Ed Clarke said: “We are excited to be working with Kuehne + Nagel as they have such a strong customer-centric approach and share our focus of a digital future.
“The team has a clear focus on IT-based integrated logistics solutions and growth in Asia in 2020.
“We are confident that the SaaS Platform will deliver huge value for Kuehne + Nagel across their business over time in terms of further digitising and bringing ‘visibility’, ‘accountability’ and ‘control’ to their business and ultimately benefit customers.
“We look forward to building a long-term relationship.”
“Seamless digital experience”
A Kuehne + Nagel Asia Pacific spokesperson said: “Supply chains continue to digitise to drive efficiency and meet the increasing demands of customers.
“We aim to create a seamless digital experience and enable our customers to realise market opportunities, converting them into fruitful businesses.
“We look forward to working with Yojee to achieve this purpose.”
Terms of agreement
The agreement is for a project in the Philippines, which gives Kuehne + Nagel Philippines access to Yojee’s subscription-based SaaS Platform.
The services agreement to Yojee’s subscription-based logistics platform in the Philippines is for a term of three years.
Under the 3-year services agreement, access to the subscription-based SaaS logistics platform is subject to standard enterprise termination clauses including termination by Kuehne + Nagel on 90 days' notice, following an initial term of nine months and only in the event of a discontinuation of its eCommerce fulfilment customer.
In Yojee’s view, the services agreement and fees are not financially material at this stage and due to the variability and difficulty in estimating country and transaction volumes. Yojee will provide progress updates in its quarterly reporting and as otherwise required.