Shares in t42 IoT Tracking Solutions PLC jumped on Wednesday, after the signing of a deal with an unnamed Latin American distributor for the provision of t42 products and services to local port authorities in Argentina.
Shares in the Jersey-based real-time tracking, security and monitoring solutions provider were 50% higher at 15.40 pence on Wednesday in London. The stock hit an intraday high of 18.50p.
The contract has a four-year duration and an estimated total value of at least $16 million. The deal was signed following a pilot programme at an Argentinian port with successful results from 200 test units of smart tracking locks over a 14-month period.
The agreement includes both hardware and recurring software-as-a-service revenue, which is expected to continue while the equipment remains operational.
Hardware sales are expected to start from the beginning of 2023, and increase materially from 2024 as orders increase in volume.
Back in mid-June, t42 had reported receiving its first commercial order from Latin America, for 500 devices.
‘We are thrilled to announce a further contract win in Latin America following a successful pilot scheme. It is especially pleasing to see more evidence of the growing recognition of the value of our offering in the region and beyond. We have always known that the best way to showcase our products is to show them in action,’ said Chief Executive Officer Avi Hartmann.
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