GetSwift does a deal with CBA, its shares go nuts

William West/AFP/Getty Images

Shares in GetSwift soared after the software and logistics company signed a partnership deal with the Commonwealth Bank.

A short time ago, the shares were up 38% to $0.68.

GetSwift will, through the Commonwealth Bank, turn retailers into a delivery-ready stores, automatically queueing, batching, routing and dispatching any bought goods.

The company estimates the deal will result in 257.4 million deliveries on its platform over the next five years, with an estimated aggregate transaction value of $9 billion.

“For vendors, it’s a cost effective way of tackling the threat from Amazon, Foodora, UberEats, Deliveroo and other global technology companies attempting to capture this space, and charge retailers a significant premium for the benefit of what is becoming an expected service,” says executive chairman Bane Hunter.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.