Elop ASA

09/06/2021 | Press release | Distributed by Public on 09/06/2021 01:06

Elop AS: Simplifai wins automation contract with India’s second largest stockbroker

6 September 2021 - Simplifai has won an automation contract in the Indian stock brokerage industry, signing RKSV Securities India Private Limited (Brandname 'Upstox'). Upstox is a tech-first, industry heavyweight, low-cost broking firm in India providing trading on different segments such as equities, commodities, currency, futures, and options. The company with over 4 million users and growing every day is the second largest stockbroker in India. Simplifai will support Upstox with their digital transformation by automating their business process of customer inquiries and trade orders through email, leveraging Simplifai's AI-powered Digital Employee technology. 'With the strategic partnership with Simplifai, Upstox looks forward to impact the 3S positively and immediately - Satisfaction, Scale and Speed.' Says Nitesh Saxena, Sr Director, Customer Operations & Quality at Upstox. The contract comprises licence agreements and delivery of Simplifai's AI powered Digital Employee technologies, helping Upstox categorise and process email inquiries. The Digital Employee will become part of the Upstox customer care team and process thousands of emails every day working alongside the Upstox customer service teams in Freshdesk. 'We are very happy to be working with Upstox, a leader within their industry. We look forward to help them further automate their processes, which will help them achieving their growth potential without scaling the customer service costs and deliver an even stronger value proposition to their customers.' says Bård Myrstad, VP of Simplifai. The contract is structured as an initial pilot project, with mutual objective of entering a production setting, where Upstox will pay Simplifai an undisclosed monthly fee for utilization of the Digital Employee AI solution. 'With an exploding market and high populations like India, email volumes are huge and Asian enterprises have an even stronger drive to automate email driven work processes, than their European counterparties. This agreement clearly shows the potential in the Asian market for intelligent email processing technology.' says Myrstad. ENDS For further information, please contact: Media Bård Myrstad, VP Simplifai, tel: +47 415 03 263 Øivind Horpestad, Executive Chairman of Elop, tel: +47 910 00 626 Investors Kim Boman, CFO of Elop, tel: +47 959 63 912 About Elop Elop is a Norwegian holding company with two operating subsidiaries. Elop Technology develops tools and digital solutions to inspect, monitor and manage infrastructure worldwide using patented ultrasound technology. Through data-driven and AI-based solutions for inspection and predictive maintenance of concrete infrastructure, the vision is to provide asset owners with solutions that improve safety, extend asset lifetime, minimise total lifecycle cost and environmental footprint. Simplifai offers automation solutions using artificial intelligence. Simplifai's Digital Employee solutions automate labour intensive work process where natural language communication including email, chat or documents are central.