Payment technology company Nuvei Corp. has signed a partnership agreement with Microsoft Corp. Financial terms were not immediately available.

Under the deal, Microsoft will start using Nuvei's payments technology in the Middle East and the Africa.

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

The companies also said they are committed to extending the partnership to additional markets, as well as exploring new use cases.

Nuvei chair and chief executive Philip Fayer says it makes sense to explore how they can work more co-operatively as they grow their commercial relationship.

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

This report by The Canadian Press was first published Dec. 4, 2023.