1st Sep 2014 07:33
LONDON (Alliance News) - Shares in Seeing Machines were up 25% Monday, one of the biggest gainers on AIM, after it said that it had signed a 15-year strategic alliance with advanced driver safety systems company Takata Corp's American subsidiary TK Holdings Inc.
The two companies have been working together on driver monitoring technology for two years, Seeing Machines said, and Takata recently won a contract to implement a mass-manufactured driver-monitoring system.
Seeing Machines will see revenues from a combination of minimum licence fees and royalties, it said. The two will also look at opportunities beyond passenger cars into all forms of road going vehicles, it said. The alliance is mutually exclusive in passenger and commercial vehicle applications, but excludes after-market solutions.
The company said its trading remains in line with expectations, and noted that the alliance with Takata was another step in its business strategy.
"Eye and head tracking technology is the next step in automotive safety, which we expect to play a significant role in the reduction of one of the greatest causes of accidents: driver distraction," said Chief Executive Ken Kroeger in a statement.
Shares in Seeing Machines were trading up 25% at 6.10 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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