LONDON - t42 IoT Tracking Solutions plc (AIM: TRAC), a provider of global shipping container tracking solutions, announced today the signing of a long-term project agreement in Latin America valued at approximately US$5.2 million. This initiative, part of a government-regulated project aimed at enhancing public safety and optimizing vehicle fleet operations, will connect thousands of vehicles to the t42 platform.
The agreement, spanning a 7-year period, will commence in 2025 with an initial phase connecting 50,000 vehicles. An additional 20,000 vehicles are expected to join the platform annually from 2026 to 2031, contributing mainly to the company's SaaS revenues. The project is aligned with local regulatory measures and reflects t42's strategic focus on specialized automotive sector projects.
t42's platform was chosen after a comprehensive evaluation for its ability to manage large data volumes and provide reliable service across various applications. The platform is recognized for its stability, scalability, and multilingual support and is already in use in over 35 countries, processing more than half a billion messages daily.
The CEO of t42, Avi (JO:AVIJ) Hartmann, stated that the agreement reinforces the company's commitment to leveraging its technology for transformative infrastructure projects and solidifies its position as a trusted partner for large-scale IoT implementations.
The company, formerly known as Starcom Systems plc, specializes in real-time tracking, analysis, monitoring, and security IoT solutions for the container and freight market. t42's IoT tracking devices offer a range of detection capabilities and cloud-based analytics for real-time data transmission and actionable insights. These devices are utilized by various stakeholders in the shipping industry, including ports, cargo owners, and customs authorities.
This announcement is based on a press release statement and does not include any promotional language or subjective assessment.
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