Ocado to provide Smart Platform to European retailer

5 June 2017 (Last Updated June 5th, 2017 18:30)

Ocado has signed an agreement with an undisclosed European retailer to provide its Smart Platform.

Ocado has signed an agreement with an undisclosed European retailer to share its Smart Platform.

The Ocado Smart Platform (OSP) will offer support services so that the retailer can manage its online business as well as fulfill its orders.

The European retailer currently has a warehouse from where it manually processes orders.

The deal will enable the retailer to request for installation of a robotic system that could be controlled with Ocado's technology; however, this arrangement would come under a separate deal.

"This is the first agreement that Ocado has struck with an overseas retailer."

This is the first agreement that Ocado has struck with an overseas retailer.

Financial aspects of the deal have not been revealed.

Ocado stated that it expects the agreement would be 'increasingly accretive' after 18 months, reported Financial Times.

It hasbeen providing a similar service to Morrisons since 2013. The firms decided to extend their partnership last year.

Ocado CEO Tim Steiner said that the firm is currently holding talks with other retailers and plans to close several agreements.

Ocado was founded in 2000 to deliver groceries to Waitrose customers in London.