By Sabela Ojea
T Stamp has signed a strategic partnership with financial technology company Qenta that is expected to deliver up to $4.3 million of revenue this year.
The provider of AI-powered technologies on Monday said that, as part of the transaction, Qenta is spinning its Goldstar KYC technology off into a newly formed subsidiary, QID Technologies. Trust Stamp will have a 10% stake in the new entity, T Stamp said.
At the same time, Trust Stamp will provide non-exclusive license of its AI-powered identity technologies to QID in return for a single $1 million license fee receivable in three installments over the first quarter of 2025.
QID is also contracting with Trust Stamp for business development, product development, and product operations for identity and privacy services and solutions for monthly service fees of $3.6 million per year beginning Jan. 1, which would result in a net cash inflow of $3.3 million.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 06, 2025 10:30 ET (15:30 GMT)
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