CXApp (NASDAQ: CXAI) stock soared over 150% in intraday trading Monday following the announcement of its partnership with Google Cloud.
CXApp (CXAI) has entered into a strategic partnership and development agreement with Google Cloud to introduce the CXAI Platform, a transformative solution integrating customer experience (CX) and artificial intelligence (AI) to drive digital transformation in the workplace.
This collaboration will involve the development of AI-native applications on the CXAI Platform, harnessing the capabilities of Google’s Vertex (NASDAQ: VRTX) AI platform and other technologies.
The partnership also entails the modernization of SaaS infrastructure, with Google Cloud offering advanced services such as end-to-end security and performance enhancements. In addition, Google will feature the CXAI application platform on the Google Marketplace, expanding CXAI’s reach to Google’s extensive client base.
The company expects to deploy the CXAI Platform for the first time in the summer, pending successful testing with a significant new client. CXAI’s ‘land & expand’ strategy continues to drive growth in subscription revenues, with tailored SaaS offerings anticipated to bolster the revenue stream.
CXAI executives, including Chief Technology Officer Naresh Soni, will be attending the Google Cloud Next conference in Las Vegas, where they will provide updates on these initiatives and outline the execution plan for 2024. Soni underscored the significance of the partnership with Google Cloud, describing it as a pivotal moment for CXAI in its journey to become a leading technology provider for transformative workplace experiences.
CXApp (NASDAQ: CXAI) Stock Reaction
CXAI stock surged 151.02% to close at $6.15 on Monday. The traders had exchanged hands with 239,762,080 (239.76 million) shares compared to the average daily trading volume of 7.45 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
