Seeing Machines signs agreement with Caterpillar

14th Sep 2015 12:56

(ShareCast News) - Seeing Machines has signed a global product development, licensing and distribution agreement with US construction machinery and equipment firm Caterpillar.Under the agreement, Caterpillar will take over responsibility for the manufacturing, marketing and sales of Seeing Machines' existing DSS rugged off-road product. In addition, the companies will work together to develop new products.DSS monitors the fatigue level of drivers of off-road vehicles.Caterpillar will pay Seeing Machines $17.5m over four years as well as royalty fees for DSS hardware, software licensing, monitoring and analytics services. Caterpillar will also purchase existing inventory of DSS units from Seeing Machines.Current DSS customer agreements will be transitioned to Caterpillar and supported by Caterpillar dealers. Additional consulting services, system monitoring and data analysis will be offered by Caterpillar Safety Services.Seeing Machines' chief executive officer Ken Kroeger said: "This is a pivotal moment in the history of Seeing Machines; the realisation of several years of hard work for both companies."Caterpillar is capable of maximising the return on the DSS technology; their reputation, reach, capability and commitment will deliver great outcomes for both companies and for the world's mining and construction related companies."Seeing Machines is an AIM-listed company specialising in non-contact head and eye tracking systems.At 1403 BST, Seeing Machines shares were up 5.1% at 4.73p.