Nogin (NASDAQ:NOGN) stock is taking off on Friday after announcing an agreement with Seychelles Imports.
This agreement will see Seychelles Imports connect to Nogin’s Intelligent Commerce platform, which extends Shopify’s (NYSE:SHOP) Shopify Plus for direct-to-consumer and online channel partners. That’s a benefit for Seychelles Imports as it gives it access to e-commerce without the “risk of moving to a legacy enterprise platform.”
Seychelles Imports operates two footwear brands based out of Los Angeles. These are Seychelles and BC Footwear. With this agreement, these brands will gain access to Nogin’s “Customer Data Platform, Marketing Automation and Marketplace Dropship” features.
Jeffrey Goldstein, VP of Business Development at Nogin, said the following about the deal:
“Seychelles is a brand that blends fashion and function like few ever have, with a ground-up focus on comfort using designs that are created by women, for women.”
What This Means for NOGN Stock
Investors are reacting well to Nogin reaching an agreement with another retail company. This deal expands Nogin’s customers and results in more use of its platform. With that comes another source of revenue for the company.
In addition, investors are pushing NOGN stock higher today with heavy trading. As of this writing, more than 4 million shares have changed hands. That’s already well above the company’s daily average trading volume of about 181,000 shares.
NOGN stock is up 24.8% as of Friday morning.
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On the date of publication, William White did not hold (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.