9 SPOKES INTERNATIONAL LIMITED 9Spokes announced that it has signed a Framework Services Agreement with Clydesdale Bank Plc, a subsidiary of Virgin Money UK PLC ("VMUK") and a first Statement of Work ("SOW") to determine project scope for a working capital health proposition. VMUK brings together Clydesdale Bank, Yorkshire Bank, and Virgin Money to form the UK's sixth bank. Under the SOW, the parties will explore potential participation in Virgin Money's working capital health proposition, to help SMBs manage business performance.
9Spokes will collaborate with the Bank's project team and its partners to help define the strategy and scope of Virgin Money's business banking working capital health proposition to be launched in third quarter of 2021. At the conclusion of the first SOW, the parties will agree if or how the 9Spokes platform will contribute to the working capital health proposition on an ongoing basis. 9Spokes will receive a fee for its services under the first SOW.
