19th May 2015 07:29
LONDON (Alliance News) - Proxama PLC saw its shares rise early Tuesday after it won an exclusive contract with Exterion Media UK and was awarded a GBP1 million grant from a UK government fund.
The company, which provides banks and card issuers with contactless payment technology and also provides retailers and marketers with technology allowing potential clients to use their smartphones to interact with marketing in the streets, said its proximity marketing unit had won a deal with Exterian Media UK, an out-of-home media owner.
Proxama didn't say how much the deal is worth but said it will provide Exterion with a managed service to deliver proximity marketing services to consumers' smartphones whilst using public transport. The contract is for up to three years and the first phase will look to build on a successful trial conducted on buses in Norwich late in 2014 with a roll-out to UK major cities.
Meanwhile, the company was also awarded a GBP1 million grant from Innovate UK, an executive non-departmental public body that's sponsored by the UK government, as part of the body's target to strengthen the UK's ailing high streets.
Proxama had been given an initial grant of GBP100,000 last year to develop mobile proximity marketing and loyalty services In Norwich and the additional GBp1 million will allow a "full scale roll-out to other UK cities, in addition to further development around the technology".
Proxama shares were up 21.2% at 2.00 pence early Tuesday, one of the best-performing stocks in the AIM All-Share index.
By Steve McGrath; [email protected]; @stevemcgrath1
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