Regis Corporation (NYSE:RGS) stock is heading higher on Friday following news of a partnership with Zenoti.
Regis operates several haircare salons throughout the U.S. This includes Supercuts, SmartStyle, Cost Cutters, Roosters, and First Choice Haircutters. Regis currently operates more than 5,000 of these locations.
So what does the deal with Zenoti cover? Zenoti is bringing its technology platform and support to Regis locations. This will allow it to upgrade Regis with a modern, digital experience that should increase engagement with its more than 3 million customers a month.
To go along with this, Zenoti is acquiring the Regis’ Opensalon Pro platform. That will see it onboarding all of the locations that make use of the service onto its own platform.
Sudheer Koneru, co-founder and CEO of Zetoni, said this about the deal with Regis:
We have a deep understanding of the specific, niche problems that beauty and wellness businesses face, and how to solve them with technology. Zenoti has addressed just about every issue within the market, making us uniquely positioned to support the diverse business models within the Regis organization.
RGS stock is seeing heavy trading on Friday following the partnership news today. This has some 13 million shares on the move as of this writing. That’s quite the jump over its daily average trading volume of 912,000 shares.
RGS stock is up 12.5% as of Friday morning.
There’s more stock market news worth checking out below!
InvestorPlace offers up all the hottest stock news that traders need to know about for Friday! Among that is what’s happening with shares of Paltalk (NASDAQ:PALT), Advanced Micro Devices (NASDAQ:AMD), and Costco (NASDAQ:COST) stock today. You can read that news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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