04:58 AM EDT, 08/13/2024 (MT Newswires) -- CXApp ( CXAI ) said Monday that it signed a "multi-year, multi-million dollar" strategic agreement with Alphabet's (GOOG, GOOGL) Google Cloud for the development and delivery of advanced artificial intelligence infrastructure, security, and application products.

As part of the deal, Google Cloud also agreed to co-invest with CXApp ( CXAI ) in the continuous deployment, monitoring, and modernization of the CXAI platform, according to the statement. No financial details were disclosed.

In the same statement, CXApp ( CXAI ) said its Q2 period saw a 78% year-on-year increase in renewal and expansion bookings. The company said it also landed its "largest expansion deal" with a major enterprise customer in the financial sector and this customer's annual recurring revenue grew by 112% as a result of this expansion deal.

Shares of CXApp ( CXAI ) were up over 61% premarket Tuesday.

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