Infobird Co., Ltd. (IFBD) stock prices were up by a massive 42.13% some time after market trading commenced on June 29th, 2021, bringing the price up to USD$5.51 earlier on in the trading day.
Founded in 2001, IFBD has its headquarters in Beijing with a strong foothold in the Chinese market where it is a well-known SaaS provider of artificial intelligence enabled customer engagement solutions. Having started with call centers, the company is now a leading tech solutions provider for customized, customer engagement management. This is done through its cloud-based services, including, but not limited to, Saad, as well as business process outsourcing services.
Collaboration with SaSa
The company announced recently that it had collaborated with SaSa Cosmetics to facilitate the provision of various services. This move will serve to support the company’s marketing and customer service areas. The collaborative partner SaSa has extensive reach in the Asian markets as a large beauty retail chain with more than 300 brick and mortar locations that offer almost 1,000 brands.
Partnership with Zu Li Jian
IFBD also announced that it had entered into an agreement with Zu Li Jian, a leading shoe company that addresses a demographic of 260 million elderly and geriatric people of China. The agreement will facilitate the provision of digital costumer engagement solution, as well as to foster customer service improvements for the collaborative partner.
April 26th, 2021 saw the company announce the closing of its IPO, wherein IFBD put up 6.25 million shares of its common stock for sale. The offering generated gross proceeds in the amount of USD$25 million, before the deduction of expenses related to the offering. The IPO also included a 45-day option for underwriters to purchase up to an additional 937,500 additional shares in the case of over-allotments. These shares would be price at the IPO price, less underwriting discounts and commissions.
May 20th, 2021 saw the company announce having reached an ecological cooperation agreement with China Electronic System Technology. As per the agreement, both companies will conduct comprehensive and in-depth cooperation in the areas of modern digital cities and credit creation in the interest of jointly facilitate the accelerated development of China’s digital economy.
Future Outlook for IBFD
Armed with a variety of recent strategic partnerships, IFBD is poised to continue its trajectory of success. The company is keen to usher in further growth as it continues to push for increased market penetration. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.