Ovanti (ASX:OVT) said the firm and Malaysia-based CIMB Group Holdings mutually decided on Sunday to terminate a commercial agreement under which Ovanti's wholly-owned business iSentric would provide omni channel communications to the bank, according to a Monday Australian bourse filing.
Both parties signed the deal on June 27, 2024, and mutually ended it on Jan. 19. The matter is not expected to impact Ovanti's finances as the agreement was terminated before any formal commencement.
The company's board is of the view that its shareholders expect it to dedicate funds, in addition to proceeds from a recent AU$6 million capital raise, to entering the US buy-now, pay-later market, and not to the Malaysian business activities of iSentric which is not a buy-now, pay-later related business.
Ovanti chief executive Simon Keast is currently in advanced stages of finalizing its US buy-now, pay-later strategy, which will be released in late January or early February.
The firm's shares fell 9% in recent trading on Monday.
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