(Alliance News) - Trakm8 Holdings PLC on Thursday said that it has been awarded a new contract with Freedom Services Group.
Trakm8 is a Dorset, England-based global telematics and data insight provider. Freedom Services Group is a motor insurance business.
The contract is for an initial term of three years, over which time Trakm8 expects it to generate revenues in excess of GBP6 million.
According to the agreement, Trakm8 will provide insurance data services and devices to Freedom Connect, including its advanced connected care data sets and First Notification of Loss crash algorithm.
"We have been supplying devices and data to Freedom for some two years via a third party and more recently directly and this contract increases the demand and secures our position with one of the UK's fast growing and most successful insurance [managing general agents]. This contract helps to underpin the board's expectations for the growth of Trakm8's insurance business," said Executive Chair John Watkins.
Trakm8 Holdings shares were trading 5.3% higher at 19.22 pence each in London on Thursday afternoon.
By Holly Beveridge, Alliance News reporter
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Trakm8 Hldgs (TRAK)