PRESS RELEASE
Published on November 18, 2024
VANCOUVER, British Columbia, November 18, 2024 (GLOBE NEWSWIRE) — Interfield Global Software Inc. (CBOE CA: IFSS) (the “Company”) announces that its wholly owned subsidiary, Interfield Software Solutions LLC, entered into a Memorandum of Understanding (“MOU”) with Abhi, a fintech company, on November 15, 2024 to develop their respective software platforms, the Equipment Hound platform and Abhi’s platform software solutions to offer a comprehensive range of services to customers in the United Arab Emirates, Kingdom of Saudi Arabia and the Middle East region. This integration is aimed at delivering improved operational efficiencies and financial solutions for customers.
The companies aim to integrate and co-market Abhi’s financial solutions, including invoice factoring and payroll advance options, with Interfield’s Equipment Hound platform, a leading online marketplace for purchasing industrial equipment and services. The collaboration aims to deliver seamless, efficient and innovative solutions to streamline procurement processes while addressing financial constraints for businesses in the region.
“Abhi has always been committed to providing businesses with accessible and flexible financial tools,” said Omair Ansari, CEO and co-founder of Abhi. “By integrating our solutions with Interfield’s advanced procurement platform, we pave the way for a comprehensive service ecosystem that drives operational efficiency and growth.”
Steele Hemmerich, president of Interfield, added: “This MOU marks an important milestone for our platform and its users. Together with Abhi, we aim to provide our customers with unparalleled access to both top equipment and financial resources, strengthening their ability to succeed in today’s competitive marketplace.”
The MOU reflects a shared vision of leveraging technology to empower businesses in the UAE and Saudi Arabia, driving growth and innovation in key industry sectors.
The companies will immediately begin working on the integration of their platforms, following the completion of a binding definitive agreement, a formal rollout of the enhanced services expected in the coming months.
About Abhi
Abhi is a leading fintech company gaining recognition as one of the Future 100 companies in the UAE. It was also the first to receive the Technology Pioneer 2023 Award from the World Economic Forum, making fintech history in the MENAP region. Abhi offers a comprehensive package of products and services, including EWA, payroll solutions and SME financing.
About Interfield Global Software Inc.
The company is a publicly traded company, with its common shares listed on Cboe Canada. (Cboe CA: IFSS) and operates from Dubai, UAE through its wholly owned subsidiary, Interfield Software Solutions LLC (“Interfield Solutions”).
Interfield Solutions is a software company serving numerous industry segments worldwide, including oil and gas, mining and renewables. Interfield Solutions has two operational divisions, E-commerce and Software as a Service. Equipment Hound, the company’s flagship product within its e-commerce division, is an industrial equipment marketplace that connects buyers and suppliers around the world. Equipment Hound manages a catalog of equipment from various suppliers and provides purchasing solutions for buyers. It includes features such as quote requests, logistics support and third-party verification. ToolSuite, the company’s flagship product within the Software as a Service division, is a cloud-based data collection and management platform that digitizes industrial processes and delivers real-time auditable data to customers.
For more information about the company, please view the company profile on SEDAR+ at www.sedarplus.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
“Harold Hemmerich”
Harold Hemmerich, CEO and director
Phone: +971 50 558 8349
Bruce Nurse, Investor Relations
Phone: +1 303 919 2913
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