BURLINGTON, ON / ACCESSWIRE / June 10, 2021 / Memex Inc.("MEMEX" or the "Company") (TSXV:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software has recently added financing as an option for those customers who prefer not to lay out the full cost of deploying MERLIN up front but still desire a perpetual license versus an ongoing subscription as their means of acquisition. This should allow managers and executive teams to make the financing decision more easily around deploying MEMEX's flagship software for machine monitoring and driving operating efficiencies across all aspects of their manufacturing operation(s).
"MEMEX has cultivated two equipment finance partnerships - one in the United States and the second in Canada - to provide a new finance alternative for customers wanting to adopt MERLIN Tempus," said David McPhail, MEMEX President and CEO. "Now, in addition to an up-front acquisition or ongoing subscription arrangement, our financing partners can put our customers in the same cash flow position as an OpEx commitment, all while maintaining their working capital balances and removing possible capital expenditure constraints, providing the security of a non-expiring right to use our product."
"Typically, the financed monthly cost of a MERLIN Tempus deployment is less expensive than a Software as a Service (SaaS) product offered by our competitors. With the MEMEX financing option, our customer owns any hardware provided as well as the lifetime right to use our product at the end of their finance term. Although MEMEX is capable of deployment of either a perpetual license or ongoing subscription (SaaS equivalent) model, so far, we have seen a greater preference for the perpetual license model."
"Since partnering two months ago with Intech Funding Corp ("Intech") (for US customers), they have helped one new customer to secure their USD$188 thousand project (approximately CAD $225 thousand). Although we have not completed an arrangement with our new Canadian partner Grenke, we are pursuing opportunities. Both Intech and Grenke offer very competitive rates relative to traditional financing alternatives, with the understanding of and willingness to fund our product offerings."
About MERLIN:
MERLIN Tempus is a web-based software platform that delivers real-time, tangible increases in manufacturing productivity by enabling users to accomplish their data-driven digital transformation and continuous improvement initiatives and lean / six-sigma focused strategies. By providing users with day-to-day operational visibility and production statistics including Overall Equipment Effectiveness (OEE), as well as many other critical operational metrics, implementing MERLIN leads MEMEX customers to the achievement of sustainable operational excellence.
MERLIN Tempus typically delivers:
- Increased Productivity: 10% - 50% (on average)
- Increased Profitability: 20% + (based on a 10% OEE increase)
- Quick Payback: typically less than four months (IRR greater than 300%)
- Impactful Continuous Improvement: A paradigm shift in focus from data collection to value-added activities for all continuous improvement initiatives
About Memex Inc.:
Established in 1992, MEMEX has grown to be an Industrial Internet of Things (IIoT) leader with the development of its award-winning platform, MERLIN Tempus. MEMEX is on the leading edge of industry trends in computing power, machine connectivity, industry standards, advanced software technology, and manufacturing domain expertise. The relentless pursuit of innovative IIoT solutions led to a comprehensive understanding of the challenge's today's manufacturers face and defined MEMEX's the mission to successfully transform factories of today into factories of the future.
As a global leader in Machine to Machine (M2M) connectivity solutions, our hardware and software products create unparalleled visibility at all levels, from "Shop-Floor-to-Top-Floor.' And for those that need more, MERLIN's Performance Management Model (MPMM) assists users to make sense of all the data generated by MERLIN and delivers on MEMEX's core value proposition.
MEMEX is a reporting issuer in Ontario, British Columbia, Alberta and Saskatchewan, and is listed on the TSX Venture Exchange under the symbol OEE. For more information, please visit: www.MemexOEE.com
About Intech Funding Corp (www.intechfunding.com):
Intech Funding Corp. is an industry leader providing financing and leasing to manufacturing companies nationwide. They have the resources, experience and commitment to provide low-cost financing solutions. They decided many years ago, if they can make everything simple and streamlined, you, the customer, will get the equipment you need to help your business grow. Applying takes less than five minutes. Paperwork is simple. Funding is fast. Your success is their success! Whether your business is a one-man shop or Fortune 500 firm, they will finance the machinery your business needs to grow and expand. They offer one of the best financing and leasing programs in the industry.
About Grenke (www.grenke.ca):
Entrepreneurship goes back a long way with GRENKE. Established in Baden-Baden, Germany, in 1978, their first branch in Canada opened in 2013. GRENKE are entrepreneurs through and through and want to be bold and make things possible for their customers. Whether leasing high-performance IT equipment or entire office equipment, GRENKE Canada can do all that and more. Dedicated management of numerous small contracts is their speciality. They lend a personal touch to the process, along with the same entrepreneurial ardour that they know drives you as well.
Their motto - 'Fast. Forward. Finance.' - has made them one of the leading providers in their segment. Whether you're an entrepreneur looking to lease equipment and keep your liquidity on track or a dealer that values convenient processing and fast cash flow, it's easy to expand your financial horizons with GRENKE.
For investor inquiries please contact:
Sean Peasgood, Investor Relations
647-977-9264
sean@sophiccapital.com
Rashi Rathore, Marketing Manager
905-635-1540
investor.relations@memexOEE.com
Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Memex Inc.
View source version on accesswire.com:
https://www.accesswire.com/650996/MEMEX-Adds-Financing-Option-to-Shorten-the-Sales-Cycle-and-Drive-Adoption-of-MERLIN
