16 April 2024
t42 IoT Tracking Solutions
Plc.
("t42", the
"Company" or the "Group")
t42 enters significant agreement in
Mexico evaluated at over $1m and further SaaS
revenues
t42 IoT Tracking Solutions
Plc (AIM: TRAC) ("t42" or the "Company"), a global innovator in
real-time tracking, analysis, monitoring, and security IoT
solutions, is delighted to announce a significant new agreement for
the provision of advanced tracking solutions to a leading petrol
and diesel transportation organisation in Mexico.
The agreement, with t42's distributor in Mexico,
is expected to be valued at over $1m in hardware sales, and is
expected to generate additional significant SaaS revenues, subject
to full deployment, installation and operation of the hardware
units. The agreement sets out a phased deployment of t42's advanced
tracking devices across a substantial segment of the end-user
client's Mexican transportation fleet. A first order has been
received for approximately $80k and, following installation of
these initial units, the next hardware order is expected to be for
a value of approximately $0.5m.
The client is Mexico's leading petrol and
diesel transportation cooperative organisation, responsible for
over 60% of all petrol and diesel transportation and storage in
Mexico. Mexico has the second highest number of traffic
fatalities in Latin America which is estimated to have negatively
impact annual GDP by 1.7% (over $17bn losses) in 2022. The
client had previously sought to have tracking solutions installed
however, due to complexities with the installation process and an
inability to upgrade, this was not a viable solution at that time.
T42, along with its local partner in Mexico, submitted an NRE
(non-recurring engineering) proposal for a new product based on a
single solution combining both speed limiters and vehicles fleet
management. Following several months of development, t42 produced a
completely new product, and has completed a 12 month trial
implementation of the t42 solution. The client has reported a
significant outcome: zero accidents and a 100% success rate in
preventing incidents that would have previously led to significant
losses and insurance claims.
Avi Hartmann,
CEO of t42, commented: "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."
Contacts:
t42 IoT
Tracking Solutions PLC Michael Rosenberg,
Chairman 07785
727595
Avi Hartmann,
CEO +972
5477 35663
Strand Hanson Limited
(Nominated Adviser and Financial Adviser)
020 7409 3494
James Harris/ Richard Johnson/ Robert
Collins
Peterhouse Capital Limited
020
7469 0930
Lucy Williams/ Charles Goodfellow/ Eran
Zucker
t42 IoT
Tracking Solutions plc (AIM: TRAC), formerly
Starcom Systems plc, provides real-time tracking, analysis,
monitoring, and security IoT solutions for the global container and
freight market and covers 55 countries, over 100 distributors, and
50 logistics and support partners.
t42's multi-sensor IoT tracking devices use a
wide range of detection capabilities with cloud-based analytics and
alerts, with real-time data transmission, analysis, and actionable
insights. Its devices are used by ports, cargo owners, shipping
companies, freight forwarders, insurance companies, customs
authorities, homeland security, and police for end-to-end global
container tracking and digital transformation of
shipments.
For more information on the Company, please
visit: https://www.t42.co.uk/
The information contained within this
announcement is deemed by the Company to constitute inside
information pursuant to Article 7 of EU Regulation 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.
