t42 IoT Tracking Solutions PLC on Tuesday said that it has signed a ‘significant’ new agreement in Mexico, which it expects to deliver notable returns.
Shares in the firm, which provides container tracking and monitoring for the global shipping supply chain, were flat at 3.00 pence each in London on Tuesday afternoon.
According to the agreement, t42 will provide advanced tracking solutions to a petrol and diesel transportation organisation in Mexico.
The deal, which is with its distributor in Mexico, should be valued at over $1 million in hardware sales, the firm said. t42 has received its first order for approximately $80,000. Once these units have been installed, the next hardware order is expected to be for $500,000.
t42 also expects to see ‘significant’ software-as-a-service revenue, subject to full deployment.
‘This is yet further proof that t42 is at the frontline of technological advancements in the tracking solutions space. Our ability to innovate and develop around the client’s requirements has allowed us to secure this new order and is expected to bring in future additional orders where solutions are evaluated by quality rather than price alone,’ said Chief Executive Officer Avi Hartmann.
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