- Trend-tracking technology firm RIWI (RIWI) has been awarded a new contract order from the Bank of America, worth over C$850,000
- The contract was awarded through RIWI’s agreement with BofA Securities, which represents the Bank’s institutional broker-dealer businesses
- Under the contract, RIWI will provide its data collection services, which cover a broad range of topics affecting global economics
- BofA Securities has the right to issue additional contract orders for RIWI’s data collection services until July 31, 2023
- RIWI is up 5 per cent and is currently trading for $3.15 per share
Trend-tracking technology firm RIWI (RIWI) has been awarded a new contract order from the Bank of America, worth over C$850,000.
The contract came from BofA Securities, which represents the Bank of America’s institutional broker-dealer businesses. These include Global Markets, Investment Banking, and Capital Markets.
BofA Securities awarded the contract under its pre-existing agreement with RIWI, which the companies signed on August 1, 2020. This contract for the Bank of America is the first request for company services made under this agreement.
Under the contract, RIWI will provide its data collection services, which cover a broad range of topics which may affect global economics. The initial contract is worth over US$650,000 (approximately C$850,000).
RIWI’s CEO, Neil Seeman, commented on the data firm’s new contract with the Bank of America.
“This new, exciting work reflects RIWI’s commitment to client delivery excellence and our commitment to innovative and proprietary data collection techniques for analysts and economists in diverse sectors and with investment interests across the world,” he said.
There is the possibility of more contracts like this being awarded to RIWI in the future. Under the company’s agreement with BofA Securities, BofA Securities has the right to issue additional contract orders for RIWI’s data collection services.
The requested data collection can be for any country in the world, and cover various topics which may impact the global economy. This right will exist until the end of the company’s three-year long-term agreement, on July 31, 2023.
RIWI is up 5 per cent and is trading for $3.15 per share, as of 10:36am EST.