Technovative Group has entered into a strategic partnership with CLPS Incorporation. Pursuant to the strategic partnership with CLPS Incorporation, Technovative is expected to supply and maintain, Artificial Intelligence, Big Data Analytics, Distributed Ledger Services and Cloud Computing solutions and technologies, to the many global clients of CLPS Incorporation in the United States, European Union, Australia, Hong Kong, and the PRC.
CLPS announced that, through its subsidiary CLPS Technology Pte. Ltd., it has acquired 80% of the equity of InfoGain Solutions Pte. Ltd. for cash consideration of approximately $420,000. Established in 2013, InfoGain is a consulting and IT services company headquartered in Singapore that specializes in staff augmentation services, managed IT services, software development, and business consulting. InfoGain's 70+ full time employees service various customers with a focus on banking and financial services.
CLPS announced that it has reached an agreement with GloBird Energy, a competitive cost energy provider in Australia, to establish a QR Code based billing service using the Q-Bill product to facilitate utility payments. In an effort to provide an efficient cash free payment system, CLPS and SuperPay, a widely used cross border payment brand in Australia, jointly launched Q-Bill, a QR-Code based payment system. The company, through its consolidated subsidiary, CLPS Technology, signed a service agreement with GloBird Energy dated June 13, pursuant to which the company will use Q-Bill to provide a QR Code billing for utility payments to GloBird Energy. Q-Bill will generate QR Codes for GloBird clients which can be scanned for mobile payments through widely adopted platforms, including Alipay and WeChat Pay. GloBird will be able to review and download the transaction data from a web portal.
CLPS Incorporation announced its strategic investment in Lihong Financial Information Services Co., an internet lending platform company in China. The company, through its wholly-owned subsidiary, Qiner Co., Limited, signed a shareholder agreement with Lihong dated as of June 19, 2018, pursuant to which, the company acquired a 2.7% ownership stake in Lihong in consideration for the purchase price of RMB1M. In addition, the company's will be entitled to appoint one representative to Lihong's Board of Directors, effective as of the date of this investment.