EquiPPP and Nowigence Sign a Memorandum of Understanding
Rhea-AI Summary
Nowigence Inc. (OTCQB: NOWG) has signed a Memorandum of Understanding with EquiPPP Social Impact Technologies Ltd., aimed at forming a strategic alliance for promoting Nowigence's products in India. EquiPPP will adapt Nowigence's machine learning and natural language processing technologies to create IT and CSR-focused SaaS products. This partnership aims to support Indian companies in their CSR initiatives, as CSR spending is mandatory in India, contributing 2% of net profits for qualifying firms.
Positive
- Partnership with EquiPPP enhances market presence in India.
- Exclusive marketing rights for CSR products create new revenue streams.
- Alignment with mandatory CSR spending in India could lead to increased demand.
Negative
- None.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ALBANY, New York, June 07, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Nowigence Inc. (OTCQB: NOWG), the SaaS Technology firm behind Pluaris, a comprehensive and turnkey AI knowledge engine, today announces a Memorandum of Understanding (MoU) with EquiPPP Social Impact Technologies Ltd. (NSE: EQUIPPP), a company headquartered in Hyderabad, India.
The MoU envisages a strategic business alliance whereby EquiPPP will act as a business development partner promoting Nowigence products in India and tailoring its core machine learning and natural language processing engine to develop IT and ITeSaaS (information technology enables software as a service) products for corporate social responsibility (CSR) activities, granting EquiPPP exclusive marketing rights for those CSR products in India.
India is amongst the first nations to make CSR obligatory. The top Indian companies with annual revenues of over
Nowigence has demonstrated expertise in artificial intelligence (AI), machine learning (ML) and natural language processing (NLP), by bringing to market Pluaris™, a cutting-edge intelligent reader that mimics in real-time the human process for knowledge assimilation while conducting a smart search.
Announcing the strategic business alliance with Nowigence, Mahesh Ramachandran, M.D. and CEO of EquiPPP, said, “As part of our joint business development endeavor, we shall assist the top Indian companies to not only research programs for CSR but also create a transparent, unbiased and intelligent process connecting corporations, citizens, domain experts, NGOs and philanthropists with the Indian government.”
Anoop Bhatia, CEO of Nowigence, said, “We are happy to partner with EquiPPP to deliver value in the growing CSR market while benefiting society at large. We are excited to jointly bring technology into the social programs space. Together, we hope to make a significant difference in our collective social responsibility connecting donors and service organizations to improve the lives of the underprivileged.”
About EquiPPP Social Impact Technologies (NSE: EQUIPPP)
EquiPPP is a publicly listed company engaged in information technology (IT)/information technology enables services (ITeS), providing software services and offering a digital platform enabling various stakeholders to collaborate in implementing CSR projects. For more information, visit the company’s website at http://equippp.com/
About Nowigence Inc.
Nowigence is an innovative software as a service (SaaS) company, focused on developing and bringing to market PluarisTM — a comprehensive, ready-to-use artificial intelligence (AI) platform. Pluaris delivers the combined power of an intelligent reader and a smart search engine, reading and analyzing public and private data sources for relevant content, in real time, on any topic and for any reason: entertainment, research, work, etc. For more information, visit the company’s website at www.Nowigence.com
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