14th Sep 2015 06:58
LONDON (Alliance News) - Sensing technologies developer Seeing Machines Ltd on Monday said it has signed a global product development, licensing and distribution deal with Caterpillar Inc, the US construction machinery and equipment company.
The signing of the deal will see Caterpillar take on responsibility for Seeing Machines' existing DSS rugged off-road product and the pair will also work together on developing new products.
Caterpillar will pay Seeing Machines USD17.5 million over four years, plus royalty fees for DSS hardware, software licensing, monitoring and analytics services. It will also acquired DSS inventory units from Seeing Machines.
"This is a pivotal moment in the history of Seeing Machines; the realisation of several years of hard work for both companies. Caterpillar is capable of maximising the return on the DSS technology; their reputation, reach, capability and commitment will deliver great outcomes for both companies and for the world's mining and construction related companies," said Seeing Machines Chief Executive Ken Kroeger.
By Sam Unsted; [email protected]; @SamUAtAlliance
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