28th Nov 2022 11:06
(Alliance News) - Cordel Group PLC on Monday said it has signed an agreement with Ricardo Rail Ltd to collaborate on opportunities within the railway inspection and asset management field.
Cordel is a London-based artificial intelligence platform for transport corridor analytics. It produces specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector.
Ricardo Rail Ltd is part of Ricardo PLC, a strategic environmental and engineering consulting company.
Under a non-binding, non-exclusive memorandum of understanding, both companies will collaborate to leverage their combined expertise on business opportunities in the US, Asia-Pacific and Europe.
Cordel said that it would be bringing its data capture expertise, automated processing at scale, and AI-driven analytics as the underpinning technology foundation for potential digital transformation initiatives proposed by Ricardo.
"This announcement demonstrates our continuing progress in building partnerships with leading rail technology companies, to expand our market reach and deliver value to our shareholders," said Cordel Chair Ian Buddery.
Ian Carmichael, managing director of Ricardo Rail, added: "We are delighted to work together with Cordel and leverage our global credentials and digital capability to further strengthen our joint offering to the rail market. This partnership demonstrates our ongoing commitment to our customers to deliver the very best expertise in our chosen markets."
Cordel shares were trading 15% higher at 8.35 pence each in London on Monday morning, while Ricardo shares were up 3.2% at 456.20p each.
By Holly Beveridge; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Cordel GroupRicardo