LONDON (Alliance News) - Digital video security systems developer SerVision PLC on Monday said its US subsidiary has signed a binding distribution deal with Convoy Technologies LLC.
Under the deal, Convoy, which makes visual tools for heavy duty vehicles designed to boost fleet safety, security and productivity, will be the non-exclusive distributor for SerVision's MVG Video Gateway products in the US, Canada, Central and South America.
Convoy has made an initial order to buy 1,250 of SerVision's MVG200 and MVG400 units, with the contract worth a total of USD518,750.
"We are very pleased to be working with Convoy Technologies and that our first contract with them is of a significant size. Penetrating the US market is one of our key geographical target markets, due to the size of its logistics network and reliance upon road-based transportation," said Gidon Tahan, SerVision's chairman and chief executive.
Shares in SerVision were down 0.4% to 3.61 pence Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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