Ocado Surges On Landing French Client For Smart Technology
Ocado Group surged after securing a landmark technology licensing deal with its first major client outside the UK, French supermarket operator Casino.
Casino will use Ocado’s online grocery-delivery system - which encompasses everything from robots picking orders to software that routes them to shoppers’ homes - on its Monoprix.fr website, the companies said in a statement Tuesday. They will spend at least two years building a warehouse to process orders for customers in Paris, Normandy and the Hauts de France region.
The Hatfield, England-based company had spent at least four years hunting for a large international partner, although it struck a licensing agreement in June with a small European grocer that it has yet to name. The company’s shares rose as much as 28% in early London trading, the most since May 2013, having gained 7.3% Monday.
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