The Management Board of Summa Linguae Technologies S.A. based in Krakow (“Issuer”) hereby announces that on 4 January 2021, it became aware that Globalme Localizations Inc. based in Canada (a subsidiary of the Issuer) had been awarded further contracts for the provision of data services (“Contracts”) to a company dealing with e-commerce and running the world’s largest online store, based in the USA (“Employer”).
The total value of the Contracts is USD 1,256,750.00 (PLN 4,649,975, converted at the exchange rate of USD 1 = PLN 3.70). The Contracts are the continuation of cooperation with the Employer as part of a Master Service Agreement (MSA).
The total value of all contracts awarded by the Employer to be implemented in 2020 as part of the framework agreement on the provision of data services was USD 1,163,360.00, as announced by the Issuer in its Current Report 39/2020 of 10 June 2020.
The Contracts announced by the Issuer in this Report build up the revenue pipeline for 2021. The deadline for their implementation falls on 31 December 2021.
The Contracts involve the collection, transcription and annotation of audio/voice data intended for training artificial intelligence (AI) algorithms to be used by the Employer in AI products offered by it. The collection and annotation of data for the purposes of the Contracts are carried out with the use of an application and technology platform owned by the Issuer.
The Issuer’s Management Board considers the Contracts material, as the total value of the Contracts awarded to the Issuer to date meets the materiality criteria defined in the Issuer’s Disclosure Policy, and due to the fact that their award is yet another important step in building up the revenue backlog for 2021 and developing data solutions for artificial intelligence – a segment of strategic importance to the Issuer.
The Company’s representatives,
Krzysztof Zdanowski, CEO