American Virtual Cloud Technologies (NASDAQ:AVCT) stock is taking off on Friday after announcing a new agreement for its Kandy Communications business.
According to a press release, Kandy Communications is partnering with consumer engagement platform Braidio. This will have them working together on user experiences for an 80,000-user telehealth application. Plus, they’ll team up on a pet wellness app for a veterinary hospital system in the U.S. serving more than 25,000 customers.
Chuck Canton, president of Kandy, said this in the news release.
“Braidio has been an inspiration to us for many years. They bring significant expertise in industry-specific applications that leverage our Communication Platform as a Service capabilities. Industry analysts predict the programmable CPaaS market will exceed $20 billion by 2025, and because of this, enterprise organizations are looking to use programmable communications, such as those offered by Kandy, to redefine how they engage with their customers and employees.”
It’s also worth pointing out that ACVT stock jumped earlier this week on other news. That saw it projecting revenue for its Kandy business to grow “from $14.3 million in 2020 to approximately $18.8 million in 2021 and in excess of $37 million in 2022.”
The increasing interest in Kandy has AVCT stock experiencing heavy trading today. That has more than 178 million shares of the company’s stock trading as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 612,000 shares.
AVCT stock is up 54.8% as of Friday morning but is still down 61.2% since the start of the year.
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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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