Logo of Elm Co.
Elm Co. signed today, Feb. 26, an agreement with Saudi Data and Artificial Intelligence Authority (SDAIA), a related party, under which the latter will provide application programming interfaces (APIs) to Elm, thus allowing the company to provide electronic services and products, according to a statement to Tadawul.
The agreement value is set to exceed 1% of total revenue, as per the latest audited annual financial statements for 2021. The deal does not specify a total fixed value, as it is determined by the number of the executed transactions and the company will receive a portion of the related fees.
The agreement is valid for a five-year term, Elm noted.
The relevant financial impact will reflect on the company’s results during the term of the agreement, in accordance with the volume of transactions as the company will receive a portion of the transaction fees.
Elm also noted that board member Issam Abdullah Al-Waqit is a related party.
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