Software company TradeWindow releases proposal with European tech firm

Software company TradeWindow releases proposal with European tech firm

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Listed trade logistics software company TradeWindow has released a proposal with a European tech firm, which would see $11.1 million invested into TradeWindow.

The heads of agreement with blockchain technology firm nChain proposed it become a near 20 percent shareholder in TradeWindow, at an issue price of 39.5 cents per share.

The deal remained subject to approval by TradeWindow shareholders.

It comes weeks after TradeWindow announced it would let go of up to one-third of all staff as a cost cutting measure, primarily relating to research and development roles.

TradeWindow said the investment proposal had no impact on the cost cutting measures.

The investment from nChain would include $2.4m cash, software engineering resources from nChain’s engineering team worth $3.9m and licensed technology and intellectual property worth $4.8m.

The deal would also see nChain become an exclusive distribution partner for TradeWindow for the United Kingdom and Scandinavia.

Under the agreement, nChain would also have the right to a seat on the board of TradeWindow.

“This compelling partnership would provide TradeWindow with what it needs – additional funding, access to additional expert developers and already built product,” TradeWindow chief executive AJ Smith said.

“Through the partnership outlined in the heads of agreement, TradeWindow would access various components of cutting-edge technology, under numerous nChain patents that could immediately be utilised into our platform.”

TradeWindow said the heads of agreement was subject to a long-form agreement. It said further details would be released once the long-form agreement was finalised, including the shareholder voting process.

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