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Xigem Technologies (CSE:XIGM) to develop customized tech for Baketree
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  • Xigem Technologies (XIGM) has signed a letter of intent to develop a remote technology platform for Baketree, a commercial bakery
  • Baketree serves some of North America's largest and best-known grocery and mass-merchant retailers
  • The platform will help Baketree track its assets and match its team members to customer inquiries
  • Xigem will customize the platform using its iAgent software, which is designed to manage employees and operations remotely
  • The company will license the platform to Baketree on a SaaS basis for an annual fee
  • Xigem operates as a SaaS technology platform for the emerging remote economy
  • Xigem Technologies (XIGM) is up by 4.25 per cent and is currently trading at $0.49 per share

Xigem Technologies (XIGM) has signed a letter of intent to develop a remote technology platform for Baketree, a commercial bakery.

The platform will help Baketree track its assets in the field and match its team members to customer inquiries.

Xigem will customize the platform based on its iAgent software, which provides organizations with tools to manage employees and operations remotely.

Baketree serves some of North America's largest and best-known grocery and mass-merchant retailers. It also provides contract manufacturing services to other large commercial bakeries.

The U.S. bakery products market was estimated at US$94 billion in 2020, with the global market expected to grow at a compound annual growth rate of 3.9 per cent through 2027, according to ReportLinker.

Upon signing a definitive agreement, Xigem will license the iAgent platform to Baketree on a SaaS basis for an annual fee.

Brian Kalish, co-founder and CEO of Xigem Technologies, commented,

"In addition to its quality baked goods, a business like Baketree thrives by being responsive to its customers and by effectively managing a complex distribution network that delivers products to thousands of locations. With iAgent, we intend to enhance Baketree's ability to manage that complexity."

Eric Shtapler, President of Baketree, added,

"Our business has evolved rapidly in response to the changes affecting food retailers, such as greater consumer awareness of nutritional profile and most recently, a shift towards home consumption and online grocery orders.

It is vital for us to ensure our sales and service teams are responding quickly to customers, and that we know exactly where our delivery assets are. We are looking to iAgent to help us continue to manage our growth as we operate with more of a remote model."

Xigem operates as a SaaS technology platform for the emerging remote economy.

Xigem Technologies (XIGM) is up by 4.25 per cent and is currently trading at $0.49 per share as of 9:30 am ET.

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