Verses Technologies (VERS.NEO) increases market footprint with expanded Wayfinder deployment deal

Verses Technologies (VERS.NEO), a contextual computing platform provider specializing in next generation artificial intelligence solutions, announced today that it had expanded deployment of its leading-edge Wayfinder™ spatial order picking software to all 18 North American distribution centres for NRI Distribution (NRI), a leading third-party logistics provider.

The deployment expansion follows a previously inked SaaS agreement between the two companies and builds upon Wayfinder’s success of a multi-site Wayfinder pilot program and is an integral part of NRI’s growth strategy.

Wayfinder was created on Verses’ ground-breaking COSM™ AI operating system and powered by the company’s adaptive intelligence technology. The software leverages a spatial digital twin model of the distribution centre to direct workers in real-time to the exact location of each pick in 3D space, significantly optimizing their performance.

The 3D spatial model can then be used to coordinate human workers alongside autonomous robots and drones, creating seamless optimized operational activities across the board.

Peter McKenna, CEO of NRI, commented, “Simply stated, we believe VERSES Wayfinder is a game changer, not only for us, but for the industry as a whole, which is why we are excited about our long term relationship. Throughout our pilot, the Wayfinder application added significant and immediate value to our day-to-day operations, directing warehouse workers in the most efficient pathways to improve individual picking performance by nearly 40%. Bottom line – we believe Wayfinder is driving competitive advantage and we look forward to realizing additional warehouse talent and cost benefits in the coming years.”

NRI Distribution provides e-commerce fulfillment, wholesale fulfillment, freight services, returns, repairs & warranty services, inventory management as well as value-added functions including kitting, pre-packing assembly and tagging.

NRI has operations across Canada as well as operations in the United States. The company was named one of America’s fastest growing corporations in 2019 by renowned business publication, Inc. Today, NRI has 1,200 employees across its distribution network utilizing 1.4 million square feet of warehouse space.

James Hendrickson, president and general manager of VERSES Logistics, a wholly owned subsidiary of Verses and its business unit, commented on Wayfinder and summed up the transformative distribution expansion, “In addition to improving productivity of the warehouse worker, Wayfinder dynamically analyzes picking data and optimizes warehouse layouts through predictive slotting, smart replenishment, and dynamic putaway. We are excited about our partnership with NRI as they continue to succeed in the logistics space and further drive operational improvement.”

The global logistics market was valued at $4.92 trillion in 2021 and is expected to reach $6.55 trillion by 2027 at a CAGR of 4.7%, while the global e-commerce fulfillment market was estimated at $86.35 billion in 2021 and expected to climb to $198.62 billion by 2030. Further, the global supply chain management market was valued at $10.1 billion in 2021 and is projected to grow to total $19.3 billion by 2028 at a CAGR of 9.02%.

Verses currently trades at $0.82 CAD per share for a market cap of $37.19 million.