Ominto, Inc. Announces Strategic Relationship with Quant Systems, Inc.
BOCA RATON, Fla. & IRVING, Texas--(BUSINESS WIRE)-- Ominto, Inc. (OTC PK: OMNT), a global leader in online Cash Back shopping, today announced that it has entered into a strategic relationship with Quant Systems, Inc.
Quant Systems, Inc. is an advisory and IT solutions firm providing cutting-edge technology applications that improve and empower businesses. Quant Systems' comprehensive services include technical consulting, software implementation and re-engineering, big data and analytics, cloud infrastructure, mobile strategy and robotics. Current and former Quant Systems clients include Starbucks, Southwest Airlines, JP Morgan Chase, Citibank and IBM.
Under terms of the agreement, Ominto will receive shares representing 19.5% of Quant Systems in exchange for approximately 1.4 million shares of Ominto's common stock outstanding.
Michael Hansen, Chief Executive Officer of Ominto, Inc., stated, "This strategic collaboration aligns Ominto with a strong IT solutions partner who is known for innovative software development and emerging technologies. Quant is a world-class technology specialist and we are honored to have the confidence of such an esteemed firm working with us."
Srinivas Veeravelli, Chief Executive Officer of Quant Systems, Inc. stated, "After completing our due diligence, the evidence is clear. We have tremendous confidence in Ominto's future potential and are excited about participating in the company's growth more formally through this strategic relationship."
Michael Hansen, continued, "Working in conjunction with Ominto's internal global IT development team, the Quant relationship provides a valuable global collaboration opportunity. Combining Ominto's business model with Quant's technology proficiency allows us to deliver a world-class Cash Back experience, on a global basis, for the benefit of our Partner Program relationships and our shopping customers.