T42 gets first order under Latin America deal

15th Jun 2022 16:19

(Sharecast News) - Freight and logistics tracking technology company T42 has received its first commercial order for sensor fusion-based tracking solutions and cloud platform services in Latin America, it announced on Wednesday.

The AIM-traded firm said the order was delivered under the framework agreement with a Latin American consortium, announced on 17 December.

In the initial order, 500 units were being supplied with further devices expected to be ordered for use at additional ports across the region.

The customer was described as a Latin American consortium of five leading local companies responsible for providing local port authorities with trade data for a major regional port in Latin America.

"It's pleasing to see the progress the company has made in the last few months, especially the conversion of contracts into long-term commercial business," said chief executive officer Avi Hartmann.

"Each converted contract demonstrates to potential new customers what our business can offer."

Hartmann said the underlying driver of demand for the company's tracking and monitoring solutions and services was the need for greater security and real-time data about the condition and movement of containers.

"This is heightened by the current disruption to global supply chains.

"Our customers operating at ports choose us because of their need both for enhanced security and increased efficiency."

At 1453 BST, shares in T42 IoT Tracking Solutions were down 2.12% at 11.01p.

Reporting by Josh White at Sharecast.com.