Product authentication and consumer engagement solutions provider YPB Group Limited (ASX:YPB) is pleased to announce that it has signed a non-exclusive Master Services Agreement (MSA) with India’s Optimum Interface Consulting (OIC) which provides investigative and risk mitigation services including the provision of anticounterfeit technology solutions.
OIC works with a large number of Fortune 500 companies in the pharmaceutical, electrical, IT, automotive, finance, export houses, travel & hospitality, banking sector, education, chemicals, tobacco, FMCG, telecom, export, reality and computer consumable industry sectors www.oic-india.com.
The MSA is for a three year term commencing 29th September 2020 and appoints OIC as YPB’s agent with the right to promote and sell YPB’s suite of product authentication technologies to its customers in India. It will earn a 12% commission on every successfully executed customer purchase order with YPB.
OIC has made a thorough assessment YPB’s technology and has already identified a number of sales opportunities for YPB’s T2 Tracer technology within its customer base.
Counterfeiting is a huge challenge for the Indian economy costing the country approximately US$15 billion each year and the problem has been exacerbated more recently by the growing shift to online commerce in a market where over 30% of drugs sold online are fake.
YPB Group CEO John Houston said: “OIC is a great partner for us to re-enter the Indian market and the MSA is a low cost and risk free entry into what is a potentially large market. To partner with a respected operator with a well-entrenched customer base saves us the considerable cost of establishing our own sales presence there. The MSA also dramatically fast-tracks potential sales opportunities especially for our proven Tracer product. We are now upskilling OIC’s people on our technologies and our own team will be on hand to address product inquiries from OIC’s potential customers.”
“Demand for our technology continues to grow and tendering activity is pleasing despite the impact that the COVID-19 pandemic is having on our business development efforts. Apart from this MSA we expect to report more sales contracts in the very near term.”