MOVAD Joint Stock Company (MOVAD), a startup pioneering in-car interactive advertisement in Vietnam, and IDOOH (IDOOH), the largest network of in-vehicle screens in Asia Pacific, today announced the signing of a Memorandum of Understanding (MOU) to express the willingness of both parties to engage in an holistic co-operation in Vietnam.
According to MOU:
· IDOOH agrees to provide MOVAD with necessary infrastructures to operate its business activities broken down in phases.
· MOVAD agrees to hire IDOOHs infrastructures, operate business activities and pay the fee to IDOOH.
· Both parties agree to engage in cooperative activities to harmonize and improve the products to pursue long-term, mutually beneficial cooperation in the future.
Quan Nguyen, CEO of MOVAD, said: MOVAD is one of the most advanced in-car advertising platforms in the market, especially with facial recognition technology and an interactive ability for audiences. The initial number of cars of IDOOH will help MOVAD’s platform expand quickly. In long term, we aim to use the highest potential of IDOOH’s infrastructure to maximize both parties benefits and continue investing in technology to create competitive strength for the alliance.
Mark Forsyth, CEO of IDOOH, said: With experience developing in-vehicle advertisement in many different markets in ASEAN, we believe that the strategic cooperation, especially being able to use the technology platform of MOVAD will help build a strong, highly competitive OOH channel for advertisers in the region.
· MOVAD is the leading in-car interactive advertisement in Vietnam. With our exclusive technology, we bring brands closer to the commuters via deeper interaction such as mini-games, voucher delivering on taxi, ride-sharing cars. MOVAD aims to help SMEs approach Out-of-Home media with reasonable packages.
· IDOOH is an award-winning Asian OOH media technology company providing the ideal platform for the Out-of-Home media environment by combining the best screens in any ˜ride with our proprietary advertising technology. Through our big data analytics, IDOOH aims to inspire, connect brands with commuters and change the future of the advertising landscape.