Itim Group inks 'multi-million-pound contract' with Brazilian wholesaler

Software-as-a-Service technology company Itim Group has inked a "five-year multi-million-pound contract" with Brazilian wholesaler Assaí Atacadista.

Under the agreement, Itim will make its UNIFY solution available to Assaí to help it refine its pricing strategies and boost competitiveness.

Itim said on Thursday that the contract follows a recent announcement that Assaí would be expanding its operations across multiple regions.

The AIM-listed group added that the contract was already in line with its financial expectations for the current year.

Chief executive Ali Athar said: "We are delighted to have been selected by Assaí to help power their pricing optimisation initiatives. This is a significant endorsement of itim's product set and we look forward to working with Assaí to make this project a great success."

As of 1120 BST, ITIM shares had shot up 21.21% to 40.0p.

Reporting by Iain Gilbert at Sharecast.com