(Alliance News) - Shares rose in t42 IoT Tracking Solutions PLC on Tuesday after signing a five-year US distribution contract for container tracking services with distribution and venture capital provider OpenBox Ventures Inc.
Shares in the Israel-based wireless, internet-of-things services provider soared by 96% to 30.40 pence in London on Tuesday afternoon.
The deal, announced on Tuesday, will provide exclusivity if the total estimated sales of USD76.0 million are achieved.
t42 expects the sales of over 280,000 tracking lock units supplied to OpenBox to bring in revenue of approximately USD21.0 million over the first three years of the deal, and a total of USD76.0 million over the total five-year period.
"We are delighted to announce t42 IoT Tracking Solutions second sales and distribution partnership since the implementation of the company's new strategy. The contract with OpenBox reflects our new strategic focus on the global shipping container market and the minimum orders needed for exclusivity to be maintained by the distributor are a strong indicator of the major sales opportunities they believe they can achieve," said Chief Executive Officer Avi Hartmann.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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T42 Iot Track. (TRAC)