t42 IoT Tracking Solutions PLC on Tuesday announced a ‘significant’ agreement with a US-based company.

Shares in the Israel-based firm, which provides container tracking and monitoring for the global shipping supply chain, surged 79% to 7.62 pence each on Tuesday afternoon in London.

t42 said the agreement is with a reseller for the supply of 30,000 container shipping tracking units with an estimated value of around $7 million.

The company said it will benefit from hardware and software-as-a-service subscription fees over three years.

Chief Executive Officer Avi Hartmann said: ‘Our products successfully address one of the most complex problems in the container tracking industry. With our solutions, customers benefit from reliability, security and cost-effectiveness, while also enjoying shorter installation times and a faster return on investment. We continue to identify significant business opportunities in our key target markets, as reflected by the recent agreements we have signed and their substantial business potential.’

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