$16m contract...previous and more to come5 May 2023 11:59
(Sharecast News) - Shipping container tracking technology company T42 announced on Wednesday that, following a "successful and intensive" pilot programme, it has signed an agreement with a second Latin America distributor to provide its solutions to local port authorities over four years from 2023, with an estimated total value of more than $16m.
The pilot programme was conducted at an Argentinian port with successful results from an initially deployed 200 test units of smart tracking locks ("Lokies") over a period of 14 months. This pilot programme involved two official approval processes: the Lokies were fully certified for use and the online portal was successfully integrated and certified by the Argentinian customs authority.
The agreement includes both hardware and recurring SaaS service revenues, which are expected to continue while the equipment remains operational. Hardware sales and revenues are expected to commence from the beginning of 2023 and materially increase from 2024 as larger volume orders are delivered.
expect more contracts this year....