(Montreal) Montreal financial technology company Nuvei has signed a partnership agreement with Microsoft. Financial terms were not immediately communicated.

As part of the agreement, Microsoft will begin using Nuvei’s payment technology in the Middle East and Africa.

According to Nuvei, Microsoft will benefit from its knowledge of local markets to optimize its payments for recurring billing and individual transactions for its Office and Xbox products.

The two companies also announced that they are committed to expanding their partnership to other markets and exploring new use cases.

Philip Fayer, president and CEO of Nuvei, stressed that it makes sense to explore ways to strengthen cooperation between the two companies as they develop their business relationships.

Nuvei shares were up $1.30, or nearly 5 per cent, at $29.86 in early trading on the Toronto Stock Exchange.

Company in this news report: (TSX: NVEI)