(Alliance News) - 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 USD7 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."
By Tom Budszus, Alliance News slot editor
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T42 Iot Track. (TRAC)