5th Feb 2024 10:44
(Alliance News) - t42 IoT Tracking Solutions PLC on Monday said it has struck a "significant" long-term deal for up to 30,000 container shipping tracking units.
Shares in t42 jumped 34% to 3.25 pence each in London on Monday morning.
t42 is a Jersey-based firm which provides tracking, security, and monitoring solutions for the global supply chain, logistics, container, and freight market.
The agreement is with an existing, unnamed client, t42 said.
Under the contract, the customer, which t42 said provides cutting-edge internet of things and artificial intelligence solutions for monitoring goods in the supply chain, has agreed to place orders for up to 30,000 'Lokies' units over the next three years, together with associated software as a service fees.
If received and deployed, the order would be estimated to deliver revenues of over USD7.5 million to t42. Nevertheless, the firm said there is no guarantee of the total number or timing of ordering of units.
This deal is a follow-up from an order placed in January, under which the company successfully delivered 2,000 'Lokies' tracking units.
'Lokies' is a smart keyless padlock, with innovative IoT capabilities.
Chief Executive Officer Avi Hartmann said: "t42 is witnessing the tangible impact of its long-term efforts to integrate cutting-edge solutions within the supply chain industry. There is a notable global surge in interest for 'Lokies' and the associated comprehensive t42 solution, which is expected to be positively reflected in the company's financial results in 2024 and beyond."
By Sabrina Penty, Alliance News reporter
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