QuarticOn – a developer of e-commerce support solutions based on machine learning and artificial intelligence – has just premiered its first application on the international Shopify platform. The Happy Cart service by QuarticOn has rolled out to over a million e-stores all over the world, mainly in the USA, Canada and the UK. In addition, on 8 November 2019, the Extraordinary General Meeting of the Company decided to proceed with a private placement of up to 20,000 F-series shares. The capital raised from this placement will be used to support the financing of further efforts to develop new SaaS solutions. The EGM also agreed to amend the Articles of Association and authorise the Company’s Management Board to make one or several increases in the Company’s share capital within the authorised capital limit by issuing a maximum of 150,000 G-series ordinary shares until 31 December 2020. The funds raised from the issue will be put towards acquisition objectives.
QuarticOn’s Happy Cart app has successfully passed Shopify’s multi-stage technological evaluation process required to make the application available worldwide. With the app now available on Shopify (at $15 per month), the Company’s SaaS e-commerce solutions have expanded their reach to over 1 million potential customers. The purchase of the application is fully automated and can only be carried out online via the Shopify marketplace.
“The QuarticOn business is scalable, mainly through SaaS sales and our presence on international shopping platforms. By providing our apps on e-commerce platforms, we can deliver our services in a fully automated manner, leading to major customer-acquisition savings and directly driving our profitability. With our first application now available on the Shopify platform, we are able to automate and speed up the development of new applications for the platform, as well as solutions dedicated to other international online shopping platforms” – said Paweł Wyborski, founder and CEO of QuarticOn SA.
In August this year, the QuarticOn technology launched on the Shoptet platform (€20 per month), which includes over 18,000 online stores in the Czech Republic and Slovakia. In September, the Company put out new tariff plans and apps for Shoper (PLN 99 per month) and CreativeSites (€150 and €300 per month), gaining access to approximately 14,000 potential customers.
QuarticOn has analysed the platform market and is currently setting up an implementation plan to be carried out by the end of 2020. The funding for new product additions in the form of plug-in apps will come from a private placement of up to 20,000 F-series shares.
The Company is also looking into potential acquisitions. The possible acquisition of selected companies in 2020 will be financed from the issue of up to 150,000 G-series ordinary shares within the authorised capital limit, approved by the EGM on 8 November 2019.
“Our development in AI is based on organic growth, focus on R&D and potential acquisitions. In 2020, we intend to make acquisitions on certain markets of interest to us. Several companies in our area provide complementary services which match our concept of rapid growth. We have identified two or three other businesses on the market with revenues of PLN 1-3 million, which could help us to increase the scale of our operations on new markets, or provide the technology support we need to expand our product portfolio. The resolutions passed at the last EGM will allow us to quickly unlock the required funds once concrete business decisions have been made” – commented Paweł Wyborski, founder and CEO of QuarticOn SA.
