PALO ALTO, CA - CXApp Inc. (NASDAQ: CXAI), a company specializing in workplace experience technology, has announced a strategic partnership and development agreements with Google (NASDAQ:GOOGL) Cloud. This collaboration is aimed at launching the CXAI Platform, which integrates customer experience (CX) and artificial intelligence (AI) to facilitate digital transformation in the workplace.
The partnership includes the development of AI-native applications on the CXAI Platform, leveraging Google's Vertex (NASDAQ:VRTX) AI platform and other technologies. CXApp's platform is designed to offer a full-stack solution enabling employees to access all their work tools in a single, mobile-first, cloud-based application, promising to enhance the digital workplace experience.
CXAI's technology, backed by 37 filed patents and 17 granted, positions the company at the forefront of innovation in the industry. The platform's AI tools use indoor mapping, on-device positioning technology, and data analytics to personalize the workplace experience.
The agreement also includes the modernization of SaaS infrastructure, with Google Cloud providing advanced services such as end-to-end security and performance enhancements. Furthermore, Google will feature the CXAI application platform on the Google Marketplace, expanding CXAI's reach to Google's existing client base.
The first deployment of the CXAI Platform is expected in the summer, pending successful testing with a significant new client. CXAI's 'land & expand' strategy continues to contribute to growing subscription revenues, with tailored SaaS offerings expected to further increase the revenue base.
CXAI executives, including Chief Technology Officer Naresh Soni, will attend the Google Cloud Next conference in Las Vegas, where they will discuss progress on these initiatives and the execution plan for 2024. Soni highlighted the significance of the partnership with Google Cloud, stating it as a pivotal moment for CXAI in becoming a technology leader for transformative workplace experiences.
The information in this article is based on a press release statement and does not constitute an offer to buy or sell securities. CXApp Inc. is headquartered in the SF Bay Area and serves Fortune 500 companies across various sectors, offering solutions for enhanced workplace experiences.
InvestingPro Insights
As CXApp Inc. (NASDAQ: CXAI) embarks on its strategic partnership with Google Cloud, it's important for investors to look at the company's financial health and market performance. According to InvestingPro data, CXAI holds a market capitalization of $37.37 million and is trading at a low earnings multiple, with a P/E ratio of 1.06. This could indicate that the stock is potentially undervalued, making it an attractive option for value investors.
The company's stock has experienced a strong return over the last three months, posting an impressive 89.92% price total return. This robust performance is a testament to the market's positive reception of the company's recent developments and future prospects. Additionally, CXAI has been profitable over the last twelve months, which could be a reassuring sign for investors looking for companies with a solid track record of financial performance.
InvestingPro Tips suggest that CXAI is trading at a high EBIT valuation multiple, which could reflect the market's expectations for future earnings growth from the company's innovative product offerings and strategic partnerships. Moreover, with the company not paying a dividend, investors may be more focused on capital gains through stock price appreciation.
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