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16 Dec 2024 11:00
16 December 2024
t42 IoT Tracking Solutions plc
("t42" or the "Company")
t42 Secures Long-Term Project Agreement in Latin America, total evaluated at over US$5m.
T42 IoT Tracking Solutions plc (AIM: TRAC) ("t42" or the "Company"), the provider of global shipping containers tracking solutions, is pleased to announce the signing of a new agreement in Latin America, (the "Agreement"). The client operates in the tracking and monitoring services sector in Latin America.
This significant agreement is part of a government-regulated nationwide initiative (the "Project") to enhance public safety and optimise vehicle fleet operations through advanced monitoring systems. It represents a major step forward in integrating critical infrastructure with IoT technology. The initiative is expected to connect thousands of vehicles to the t42 platform, recognised for its exceptional stability, scalability, and multilingual support.
Under the terms of the Agreement, which covers a 7-year period, the initial phase will begin in 2025 with 50,000 vehicles connected to the t42 platform, with at least 20,000 additional vehicles projected to be added annually from 2026 to 2031. Subject to the above connections being maintained on T42's platform over the 7-year duration, the Agreement has a total estimated value of c. US$5.2 million, principally from SaaS revenues.
The Agreement follows a comprehensive evaluation by the client of available solutions, with t42's platform selected for its proven ability to handle high data volumes and deliver reliable services across diverse applications. T42's platform currently supports fleets in over 35 countries, processing over half a billion messages daily.
The Project aligns with regulatory measures supported by local authorities and the Agreement underscores t42's strategic focus on high-end, specialised projects within the automotive sector. It also builds on the Company's recent strategic initiatives to drive innovation and expand its footprint in high-growth markets which include the development of the focus on shipping container markets.
Avi Hartmann, Chief Executive Officer of the Company
"The Agreement reinforces t42's commitment to leveraging its cutting-edge technology for transformative infrastructure projects and further solidifies its position as a trusted partner for large-scale IoT implementations. "
Contacts:
t42 IoT Tracking Solutions PLC |
|
Michael Rosenberg, Chairman | 07785 727595 |
Avi Hartmann, CEO | +972 5477 35663 |
Strand Hanson Limited (Nominated Adviser and Financial Adviser) |
|
James Harris / Richard Johnson / Robert Collins | 020 7409 3494 |
Peterhouse Capital Limited |
|
Lucy Williams / Charles Goodfellow / Eran Zucker | 020 7469 0930 |
Notes to Editors
t42 IoT Tracking Solutions plc (AIM: TRAC), formerly Starcom Systems plc, provides real-time tracking, analysis, monitoring, and security IoT solutions for the global container and freight market and covers 55 countries, over 100 distributors, and 50 logistics and support partners.
t42's multi-sensor IoT tracking devices use a wide range of detection capabilities with cloud-based analytics and alerts, with real-time data transmission, analysis, and actionable insights. Its devices are used by ports, cargo owners, shipping companies, freight forwarders, insurance companies, customs authorities, homeland security, and police for end-to-end global container tracking and digital transformation of shipments.
For more information on the Company, please visit: www.t42.co.uk
The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.
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