Trakm8 Holdings PLC Contract Extension (8987D)
May 03 2017 - 1:00AM
UK Regulatory
TIDMTRAK
RNS Number : 8987D
Trakm8 Holdings PLC
03 May 2017
TRAKM8 HOLDINGS PLC
("Trakm8" or the "Group")
Direct Line Group Awards Trakm8 Telematics Contract
Extension
Trakm8, the AIM-listed telematics and data insight provider, is
pleased to announce it has been awarded a contract extension by
Direct Line Group, the UK's leading motor vehicle insurance
company.
The contract extension covers the provision of T10 hardware and
data services supplied to Direct Line that was first announced by
Trakm8 in January 2014. The new extension will extend the contract
until April 2020.
Trakm8 have over 110,000 devices reporting in insurance
applications built from a zero base three years ago and Direct Line
are a significant part of this.
John Watkins, Executive Chairman of Trakm8 commented:
"We have been working with Direct Line for 3 years providing
insurance telematics solutions. We were the first company to offer
a plug in self fit device in volume in the UK and the success of
the product has resulted in this contract being extended for a
further 3 years. We are delighted to continue this relationship as
the demand increases. This contract provides additional visibility
for our expectations for the financial year and beyond."
Dan Freedman, Director of Motor Insurance commented:
"We have been pleased to extend the contract with Trakm8 for a
further 3 years. We expect to continue to deploy market leading
telematics solutions in conjunction with them and the Floow, as
Apps and data analytics provider."
For further information please contact:
+44 (0) 174 785
Trakm8 Holdings plc 8444
John Watkins, Executive Chairman
James Hedges, Finance Director
+44 (0) 20 7220
finnCap (Nomad and broker) 0500
Ed Frisby / Simon Hicks -
corporate finance
Tim Redfern / Richard Chambers
- corporate broking
+44 (0) 20 3128
MHP Communications 8100
Reg Hoare
Charlie Barker
About Trakm8
Trakm8 is a UK based Big Data company utilising telematics as
its primary enabler. Through IP owned technology, over three
billion miles worth of data is collected annually through its fleet
management solutions to create and fine tune algorithms used to
score driver behaviour, monitor vehicle health and continuously
improve the security and operational efficiencies of customers'
vehicles.
With its headquarters in Dorset and a manufacturing facility in
the West Midlands, the Group supplies a number of well-known
customers in the fleet management and insurance sectors across the
UK and further afield including customers such as the AA, Saint
Gobain, EON, Direct Line Group and Young Marmalade.
The Group's portfolio offers complete telematics solutions
including dashboard cameras that enable customers to record driving
incidents and mitigate the risk from "crash to cash" accidents.
This is complemented through a comprehensive hardware range, which
includes a self-install unit that is one of the smallest available
on the global market.
The Group acquired both Route Monkey and Roadsense Technologies
Ltd. Route Monkey has enhanced Trakm8's logistics solution offering
route scheduling and optimisation, including routing for electric
vehicles. Roadsense has been acquired to strengthen the Group's
presence in the SME fleet management market.
Trakm8 has been listed on the AIM market of the London Stock
Exchange since 2005.
www.trakm8.com / @Trakm8
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
CNTDMGGKGZDGNZM
(END) Dow Jones Newswires
May 03, 2017 02:00 ET (06:00 GMT)
Trakm8 (LSE:TRAK)
Historical Stock Chart
From Apr 2024 to May 2024
Trakm8 (LSE:TRAK)
Historical Stock Chart
From May 2023 to May 2024